TLDR
- Radiant Capital has begun winding down operations after failing to recover from a $50 million hack.
- The exploit was linked to the Lazarus Group and severely damaged the protocol’s liquidity.
- The platform could not secure new capital or rebuild user activity following the attack.
- Radiant will remain in maintenance mode, allowing users to withdraw and manage positions.
- The Radiant Capital (RDNT) token declined after the shutdown announcement.
Radiant Capital has begun winding down operations after failing to recover from a major exploit that drained tens of millions of dollars.
According to a statement published by Radiant’s decentralized autonomous organization, the protocol could not secure fresh funding or rebuild enough liquidity following the October 2024 attack attributed to North Korea-linked hackers.
Radiant Capital Fails Recovery After Hack
Details shared in the DAO blog post show that the exploit, linked to the Lazarus Group, resulted in losses of about $50 million. Radiant contributors stated that attempts to recover the funds did not succeed, leaving the platform with limited options to continue operations.
In updates posted on X, the team added that contributors kept the system running under difficult conditions for months after the breach. However, the DAO said those efforts were not enough to support long-term operations without new capital inflows or user growth.
🚨ALERT🚨
Our system has detected suspicious transactions involving @RDNTCapital on multiple chains.It appears that the platform has suffered a private key compromise, leading to an ongoing attack. A malicious actor gained control of multi-sig wallets and has already drained… pic.twitter.com/hP8hKit3jD
— 🚨 Cyvers Alerts 🚨 (@CyversAlerts) October 16, 2024
Launched in 2022, Radiant Capital expanded quickly across multiple blockchains, positioning itself as a unified liquidity platform. According to historical platform data, its total value locked reached approximately $386.8 million in December 2023, even as broader DeFi activity slowed during that period.
Following the exploit in October 2024, internal figures cited by the DAO show TVL dropped sharply to around $75 million. Within weeks, liquidity fell further to near $5 million as users withdrew funds, a level from which the protocol did not recover.
Protocol to Remain in Maintenance Mode
Instead of a full shutdown, Radiant said it will transition into a maintenance phase. Under this structure, its frontend interface will remain accessible while smart contracts continue operating, allowing users to withdraw assets, repay loans, and manage positions.
At the same time, the DAO confirmed it will halt development work, including upgrades and new feature rollouts. Users have been advised by the team to actively manage their exposure while the protocol operates without ongoing support.
Market data shows the Radiant Capital (RDNT) token dropped about 4.2% after the announcement. Historical pricing records indicate the token previously reached $0.58 in September 2022 but now trades at a fraction of that level.
Meanwhile, Radiant stated it will continue efforts tied to the breach by keeping its remediation portal active. Any funds recovered through ongoing processes will be distributed back to affected users, according to the DAO’s update.
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