Radiant Capital Confirms Security Breach and Ethereum Theft
Radiant Capital has announced that its network experienced a security breach, resulting in the theft of approximately $4.5 million worth of Ethereum. According to blockchain security company PeckShield Inc., the hacker drained 1,900 Ethereum tokens within six seconds after activating a new market on the decentralized platform. PeckShield explained that the exploit took advantage of a time window when a new market is activated and relied on a known rounding issue in the codebase. Radiant Capital confirmed the hack and temporarily closed the Arbitrum markets while investigating the issue further. The company assured users that no funds are at risk and that no action can be taken until the markets are reopened.
Orbit Chain Also Hit by $82 Million Hack
Orbit Chain’s Orbit Bridge service suffered a major security breach resulting in an $82 million loss. The exploit occurred just before New Year’s and led to the suspension of the cross-chain bridge contract. Unusual activity on Orbit Chain Bridge was first reported by a social media user, prompting investigations. The hackers conducted five transactions, transferring significant amounts of USDT, USDC, Ethereum, WBTC, and DAI into new wallets. Orbit Chain suspended the bridge contract and initiated negotiations with the hackers. Ongoing investigations aim to understand the breach better and track the stolen assets.
Hot Take: Radiant Capital and Orbit Chain Experience Major Hacks
Radiant Capital and Orbit Chain have both fallen victim to significant security breaches resulting in substantial losses. Radiant Capital confirmed a security breach in its network, leading to the theft of approximately $4.5 million worth of Ethereum. Similarly, Orbit Chain’s Orbit Bridge service suffered an $82 million hack, prompting the suspension of its cross-chain bridge contract. These incidents highlight the ongoing security challenges faced by decentralized platforms and the need for robust measures to protect user funds. As the crypto industry continues to grow, it is crucial for companies to prioritize security and take proactive steps to prevent such breaches.
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