Hold onto your virtual wallets, folks! In a shocking twist, Radiant Capital found itself in the crosshairs of crafty hackers, losing over $50 million! That's right, the cyber bandits managed to crack open a multisig wallet, giving them control over Radiant's prized assets.
The digital heist went down on Wednesday and has blockchain sleuths buzzing. The trouble started when hackers took aim at Radiant's smart contracts on the Binance and Arbitrum networks. Ancilia Inc., a blockchain security firm, was the first to spot the suspicious shenanigans, alerting everyone to a breach on the BNB Chain.
These cyber pirates didn't stop there. They swiftly moved to drain at least $18 million from Radiant on BNB and then set their sights on Ethereum's layer-2 network, Arbitrum. It was like a digital domino effect, with more funds falling into their hands.
The masterminds behind this operation got their break by compromising a multisig wallet. Picture this: a digital vault that needs several keys to open, and these hackers managed to snag three out of eleven keys. Boom! Access granted. With this, they could tweak the smart contracts and transfer ownership. Not too shabby for a day's work in the cyber underworld.
Hacken, another security watchdog, reported that the hackers raided various trading pools, making off with popular cryptocurrencies like USDC, USDT, wrapped Bitcoin, wrapped Ethereum, and Binance Coin.
In total, the protocol was exploited for a whopping $53 million in crypto assets, with the loot now transformed into native tokens. The hacker's wallets are sitting pretty with over 12,000 ETH and more than 32,000 BNB.
Radiant Capital confirmed the breach and quickly hit the pause button on its markets on Ethereum and the Base network to figure out what went wrong. They're teaming up with Web3 security gurus like SEAL911 and Chainalysis to tackle the issue and keep the digital fortress secure.
Radiant is urging users to cut ties with the compromised smart contracts and stay vigilant. This isn't their first rodeo, as they previously faced a $4.5 million hack earlier this year. Let's hope they can turn the tide and keep the crypto seas safe for all.
