Peter Zhang
Jun 02, 2026 00:50
Radiant Capital winds down operations following a $50M exploit in 2024. The RDNT token plummets as recovery efforts fall short.
Radiant Capital, once a rising star in decentralized finance (DeFi), announced it is winding down operations after failing to recover from a $50 million hack in October 2024. The protocol’s decentralized autonomous organization (DAO) confirmed in a blog post that ongoing efforts to claw back stolen funds and secure new capital have been unsuccessful, leaving no viable path forward for the lending platform.
The hack, attributed to North Korea’s Lazarus Group, exploited vulnerabilities in Radiant’s multi-signature wallet architecture, allowing attackers to siphon funds from liquidity pools across Arbitrum and BNB Chain. Radiant’s total value locked (TVL) collapsed from $386.8 million in December 2023 to just $5 million within a month of the attack. Efforts to rebuild trust and TVL proved futile, as the protocol struggled to attract users and capital in the aftermath.
Transition to Maintenance Mode
While Radiant Capital is ceasing active development, it won’t fully shut down. The protocol will enter a “maintenance state,” keeping its frontend operational and smart contracts accessible for users to withdraw, repay loans, and manage positions. However, the DAO will no longer fund upgrades or expansions, marking the end of Radiant’s growth ambitions.
“Users are encouraged to actively manage risk and reduce exposure,” the team noted, emphasizing that the remediation portal for affected users will remain open. Any recovered funds will be returned to those impacted by the exploit.
RDNT Token Freefall
The announcement has further battered Radiant’s native token, RDNT, which fell 4.2% on the news. As of June 2, 2026, RDNT trades at $0.00138656, a staggering decline from its all-time high of $0.58 in September 2022. The token’s market cap now stands at just $1.9 million, reflecting the sharp loss of investor confidence.
DeFi Security Challenges
The October 2024 hack underscored systemic vulnerabilities in DeFi security, particularly around multi-signature wallets. The attack, which exploited three of 11 private keys during a routine adjustment process, utilized sophisticated malware to compromise developers’ hardware wallets. This wasn’t Radiant’s first security incident; the protocol had suffered a $4.5 million flash loan exploit in January 2024, raising questions about its risk management practices.
Investigations identified the Lazarus Group as responsible for the October exploit, linking it to a broader campaign of phishing and malware attacks against DeFi platforms. The group reportedly moved $26.7 million of the stolen funds into Ethereum via Tornado Cash as recently as September 2025.
Market Implications
Radiant’s collapse serves as a cautionary tale for the DeFi sector, highlighting the critical need for stronger security frameworks and operational oversight. The incident has contributed to growing scrutiny around multi-signature wallet protocols and the broader risks associated with cross-chain liquidity platforms.
For traders, the RDNT token’s trajectory remains uncertain. While the protocol’s transition to maintenance mode ensures some level of functionality, the lack of development and capital inflows significantly limits its upside potential. Investors are likely to remain on the sidelines until there’s greater clarity on recovery efforts and any potential restitution for affected users.
Radiant’s downfall marks another chapter in the turbulent history of DeFi, where innovation continues to outpace security measures, leaving protocols vulnerable to increasingly sophisticated attacks.
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