tl;dr
Radiant Capital, a decentralized borrowing and lending protocol, has temporarily suspended its lending and borrowing markets on the Arbitrum blockchain due to a substantial security breach. A flash loan attack resulted in the unauthorized withdrawal of approximately $4.5 million in Ether from one of...
Radiant Capital, a decentralized borrowing and lending protocol, has temporarily suspended its lending and borrowing markets on the Arbitrum blockchain due to a substantial security breach. A flash loan attack resulted in the unauthorized withdrawal of approximately $4.5 million in Ether from one of its newly established USDC Coin (USDC) markets. The security breach, caused by a critical "rounding issue" within the protocol's codebase, prompted Radiant Capital to take immediate action and pledge to conduct a comprehensive postmortem analysis of the situation. Additionally, fraudulent Radiant Capital accounts have emerged across various crypto forums, raising concerns within the crypto community about potential further security threats and scams targeting Radiant Capital's users.
Radiant Capital, a prominent cross-chain lending protocol, has temporarily suspended its lending and borrowing markets on the Arbitrum blockchain due to a substantial security breach. Reports indicate that a flash loan attack resulted in the unauthorized withdrawal of approximately $4.5 million in Ether from one of its newly established USDC Coin (USDC) markets. Radiant Capital developers and the wider cybersecurity community confirmed the incident. The security breach was orchestrated through a flash loan attack, with the attacker exploiting a critical “rounding issue” within the protocol’s codebase. This flaw led to a cumulative precision error, enabling the attacker to profit through repeated deposit() and withdraw() operations within the system.
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