News linked to both this project and an event.
According to The Block, the DeFi lending protocol Radiant Capital has announced it will officially cease operations. The protocol suffered a hack in October 2024, losing approximately $51 million; the attacker gained unauthorized access by deploying backdoor contracts on Arbitrum and BNB Chain. Earlier in 2024, the protocol had also been hit by a flash loan attack, resulting in a loss of roughly 1,900 ETH (approximately $4.5 million). After 18 months of recovery efforts, Radiant Capital stated that it has neither recovered a significant portion of the stolen funds nor secured new financing, declaring that “the DAO has no viable path forward.” The protocol will now enter a “maintenance mode”: its frontend and smart contracts remain accessible, allowing users to withdraw funds, repay loans, and manage positions. Any funds recovered in the future will be returned to affected users.
DeFi protocol Radiant has announced that after 18 months of continuous effort following a hack attack in October 2024, the DAO no longer has a viable path to continue operations and will gradually enter a "sunsetting" phase.Radiant stated that there is currently no progress in fund recovery, no new capital injection, and a lack of funds and development space to maintain normal operations. Therefore, it cannot proceed with responsible long-term operation.According to the plan, Radiant will transition to maintenance mode: the frontend interface will continue to run, on-chain smart contracts will remain accessible, and users can still withdraw, repay, and manage positions. However, the project will halt all new feature development, upgrades, and expansions. At the same time, the borrowing cap will be set to zero, incentives for issuing the RDNT token will cease, and treasury funds will be used solely to maintain basic operations. The project's future focus will be entirely on user asset security, fund recovery, and an orderly liquidation process.Radiant stated that efforts to recover assets will continue, and the relevant recovery portal will remain open. Any future recovered funds will be returned to affected users, but the outcome of the recovery remains uncertain and may take a long time. Although operations are gradually ceasing, on-chain contracts will remain available, and users need to manage their own risks and gradually exit their positions.