Radiant Capital responds to $50M hack with stronger security

Radiant Capital (CRYPTO:RDNT), a decentralised finance (DeFi) platform, is cooperating with U.S. law enforcement following a $50 million hack.

According to reports, hackers used advanced malware to exploit Radiant Capital's system, gaining control of multiple developers' hardware wallets.

The attack manipulated the Safe Wallet interface, displaying legitimate transaction data while executing harmful transactions in the background.

Radiant Capital has responded by enhancing its security measures, particularly implementing stronger multisig controls.

The platform is also collaborating with the web3 security firm zeroShadow to freeze the stolen assets.

Based on Radiant’s statement, the compromised devices showed no significant warning signs other than minor errors during the signing process.

These issues, while common with hardware wallets, often do not raise immediate concern but can indicate more profound underlying risks.

Radiant’s native token, RDNT, was trading at $0.061 at the time of writing, reflecting a 2% drop in the past 24 hours and a 13% decline over the week.

This incident has sparked concerns within the cryptocurrency community, particularly regarding the vulnerabilities of DeFi platforms.

Community members are worried that such attacks could erode trust in the security of decentralised finance.

In response to the breach, Radiant Capital has acknowledged the complexity of the attack and has expressed its commitment to strengthening its security protocols to prevent future incidents.

At the time of writing, the Radiant Capital price was $0.06255.