Radiant Capital is collaborating with US law enforcement to freeze $50 million in stolen crypto assets following a sophisticated hack that compromised hardware wallets.
The decentralized finance (DeFi) platform Radiant Capital is currently collaborating with US law enforcement to freeze stolen assets following a significant hack that resulted in a loss of $50 million earlier this week. The breach was executed through a sophisticated malware injection that compromised multiple developers’ hardware wallets, raising serious concerns about the security measures in place within the crypto space.
According to a post-mortem report published by Radiant, hackers managed to infiltrate the system during a routine multi-signature emissions adjustment process. This process is essential for adapting to market conditions and utilization rates. The malware was so advanced that it displayed legitimate transaction data on the front-end of the Safe Wallet, while simultaneously executing poisoned transactions in the background.
The compromised devices showed no obvious warning signs, aside from minor glitches and error messages that are typically encountered when using hardware wallets. These seemingly routine issues were the only indicators of a deeper problem, which would not have raised immediate concern under normal circumstances.
In response to the attack, Radiant Capital has taken several steps to enhance its security protocols:
Following the hack, Radiant’s native token, RDNT, has seen a decline in its market performance. As of the latest update, RDNT is trading at approximately $0.061, reflecting a drop of over 2% in the past 24 hours and more than 13% over the past week. This decline highlights the immediate impact of security breaches on investor confidence and market stability.
The recent hack of Radiant Capital serves as a stark reminder of the vulnerabilities present in the decentralized finance sector. As the platform works diligently to recover stolen assets and enhance its security measures, the incident underscores the importance of robust cybersecurity protocols in protecting digital assets. Investors and users alike are urged to remain vigilant and informed as the situation develops.
