$50M Exploit Forces Radiant Capital Shutdown After 18 Months of Recovery Efforts

Radiant Capital, a decentralized finance (DeFi) lending platform, has announced its shutdown due to an inability to recover from a $50 million exploit in October 2024.

The protocol's failure to regain lost funds and secure fresh capital led to the decision after 18 months of recovery efforts. Although the platform will remain online, it will transition into maintenance mode where users can still withdraw assets, modify positions, or repay loans, but development and new investments are no longer possible.

The team has stated that they have not been able to recover any significant assets related to the exploit, despite trying various methods such as raising stolen money back or seeking external financing. The platform's revenue has decreased due to the exploitation incident, making it challenging to sustain full operations.