It Was Hacked This Year: Developers of Binance-Listed Altcoin Release Statement on the Latest Situation

  en.bitcoinsistemi.com 31 December 2024 00:12, UTC

Radiant Capital (RDNT), a cross-chain lending protocol, has released an update on its ongoing efforts to address the recent attack that resulted in significant fund losses.

The team outlined their current priorities and steps taken to recover funds, remedy the situation, and revitalize the protocol.

Recovering Stolen Funds and Requesting Recovery Resources

Radiant Capital confirmed that efforts to recover stolen funds or secure external recovery resources are ongoing, but the protocol acknowledged that there has been no significant progress or positive updates to share thus far.

Improvement Plans

The team announced that a unified community proposal has been prepared for a second DAO vote. The process is expected to go more smoothly after the council review and consensus phase. Community members are encouraged to participate in a survey to determine which of the three proposed options will guide the protocol’s improvement strategy.

Current focus includes:

• Addressing Lost Deposits: Recapitalizing the protocol to enable modest refunds and establish a foundation for long-term recovery.
• Attracting Partnerships: Partnerships aim to secure new capital and recovery resources to enhance the recovery process.
• Comprehensive Revitalization Plan: Developing a framework for recapitalization and recovery that can improve the protocol’s prospects and attract future investments.

Radiant Capital has announced plans to elect a new community council as outlined in the DAO bylaws. This proposal is currently in the community collaboration phase and will soon enter the governance process. The new council will replace the inaugural council, with elections planned to be held annually going forward.

In October 2024, Radiant Capital suffered its second attack of the year. The first incident involved a flashloan attack in which the attackers withdrew approximately $4.5 million from the protocol. The second attack greatly eclipsed that figure, resulting in an estimated $53 million in losses from user wallets.

*This is not investment advice.

Source