Key Takeaways:
Radiant Capital is winding down after failing to recover a meaningful portion of roughly $50 million stolen in an October 2024 exploit, the team said.
"Since suffering a security breach in October 2024, the DAO has been working diligently for 18 months. However, due to the inability to achieve meaningful fund recovery, lack of additional funding, and depletion of operational funds, the project no longer has a viable path for further development," the Radiant Capital team said in a statement.
The protocol will not shut down immediately but will enter a maintenance mode. The frontend interface will remain operational, on-chain smart contracts will stay accessible, and users can continue withdrawing assets, repaying loans, and managing positions. All development work has ceased, Borrow Caps have been adjusted to zero, and RDNT token incentives have been halted. Treasury funds will be reserved for essential operational expenses only.
The wind-down of Radiant Capital, a cross-chain lending protocol that operated across Ethereum, Arbitrum, BNB Chain, and Base, marks one of the largest DeFi casualties from the 2024 exploit wave. The team emphasized that the claims portal will remain open and on-chain recovery efforts are ongoing, with any recovered funds to be returned to affected users.
The hack drained roughly $50 million from the protocol across multiple chains. Radiant Capital had been one of the more prominent cross-chain lending protocols, allowing users to deposit assets on one chain and borrow against them on another.
The team said the DAO exhausted all avenues for fund recovery and was unable to raise additional capital to sustain operations. The protocol's native token, RDNT, had already declined significantly since the exploit as user confidence eroded and total value locked drained from the platform.
For users still holding positions on Radiant Capital, the protocol remains accessible for withdrawals and loan repayments. The team advised users to manage their positions and associated risks while the frontend remains operational.
This article is for informational purposes only and does not constitute investment advice.
