According to blockchain security company PeckShield, attackers took advantage of a known vulnerability that occurs during the launch of liquidity pools. Radiant Capital has now suspended lending operations in pools on Arbitrum and is conducting an investigation. The hack itself occurred 6 seconds after the launch of a new lending market using the USDC stablecoin.
“The root cause is not new: attackers took advantage of the short time window that occurs when a new lending market is launched,” PeckShield representatives write.
Radiant developers confirmed that the incident “occurred due to an issue with the recently launched Arbitrum-based USDC market.” After investigating the incident, the project will provide a detailed report. At the same time, the developers emphasized that at the moment the funds of users of all other pools are safe, and full operation of the protocol will resume after the hacking is investigated.
It should be noted that 116 cryptocurrency projects closed last year. Some of them collapsed after hacker attacks.
Source: Bits
I am an experienced journalist, writer, and editor with a passion for finance and business news. I have been working in the journalism field for over 6 years, covering a variety of topics from finance to technology. As an author at World Stock Market, I specialize in finance business-related topics.
