• 23 July, 2024
News

Radiant Capital Suffers Cyber Attack: Crypto Phishing Drained $300 Million

Decentralized lender Radiant Capital suffered a malicious attack from crypto hackers, resulting in a loss of over $4.4 million. Cyvers Alerts, a real-time security alert platform, tweeted on X about the attack on Radiant Capital.

Cyvers, a cybersecurity firm with an AI-powered system, was the first to discover suspicious transactions involving Radiant Capital. The firm managed to uncover all the rug-pull transactions on Arbitrum linked to a specific address. The attacker used the address 0xD2dbF67E79de04596B77Eb7A28aAF23F029fBa1D to bridge 500k $USDT tokens to $ETH, then swapped it with DAI and deposited the funds into TornadoCash.

In response to the attack, Radiant Capital stated they received a report of an issue with the newly created USDC market on Arbitrum (ARB). After authentication by Radiant developers and the Web 3 security community, the Radiant DAO Council decided to temporarily pause lending and borrowing markets on Arbitrum while conducting further investigations. They affirmed that no current funds are at risk. 

The cyber attack caused repercussions not only for Radiant Capital but also for Arbitrum, leading to a decline in sentiments for both platforms. This prompted a reevaluation of security measures within the DeFi ecosystem.

 Scam Sniffer, a web3 anti-scam solution, reported that nearly $300 million was drained by crypto phishing scams from over 324K users in 2023. The main culprit behind this scam was a malware called Wallet Drainers. This malware was deployed on many phishing websites and tricked unsuspecting users into signing transactions that were harmful. This allowed the drainers to steal assets from their wallets, leading to a significant financial loss.

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