$4.5 Million Ethereum Stolen on DeFi Platform Arbitrum: Explained _! - Coin Newsletter

Cross-chain lending protocol Radiant Capital (RDNT) suffered a hack, in which millions of dollars worth of assets were stolen.

The cryptocurrency market started the new year with hacking cases. According to a report from blockchain security firm PeckShield in the early hours of Jan. 3, Radiant Capital lost 1,900 Ethereum (ETH)** worth $4.5 million due to a bug in the codebase linked to Arbitrum (ARB).

In a statement made by the team, it was stated that lending and barrow activities on Arbitrum have been suspended. However, it was emphasized that the available funds are safe:

Today, we received a report of an issue with the newly created local USDC market on Arbitrum. After being endorsed by Radiant developers and the broader Web 3 security community, the Radiant DAO Council temporarily paused the lending/borrowing markets on Arbitrum while the matter was further investigated. None of the available funds are at risk.

On the first day of the new year, there was another cyber attack worth $81 million on Orbit Chain (ORC) and more than one cryptocurrency was affected by this attack.

According to CoinGecko data, the RDNT, which experienced a small 3% pullback after the news of the hack, managed to collect quickly. The RDNT, which has gained 1% in the last 24 hours, is trading at $0.328 at the time of writing.

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