Radiant Capital

Radiant Capitale Suffers $4.6 Million Loss

Summary # On January 2, 2024, Radiant Capital on the Arbitrum Chain suffered a $4.6 million loss from a sophisticated exploit, involving 1902 ETH, due to a smart contract vulnerability. The attack was orchestrated by utilizing flash loans to inflate the USDC reserve liquidity index on the platform artificially. This enabled the attacker to borrow excessive WETH against the artificially high collateral value. The situation was exacerbated by a rounding error within the contract’s calculations, allowing the attacker to manipulate deposit and withdrawal transactions cleverly. ...