After spending 18 months trying to get back on track, Radiant Capital said Monday it is calling it quits, unable to recover from a roughly $50 million hack.
Radiant Capital said it hasn't been able to recover a meaningful amount of funds since the 2024 exploit or raise fresh capital, so it plans to close operations, the firm said in an X post.
"The DAO no longer has a viable path forward," Radiant said. "Over the past months, contributors and the community continued to operate under increasingly difficult conditions, working to support users, maintain the protocol, and pursue recovery. That effort was real. And it was consistent. But effort alone is not enough without recovery, capital, or growth."
Back in October 2024, the omnichain money market Radiant Capital suffered an exploit on its Arbitrum and BNB Chain instances after an attacker deployed a backdoor contract to gain unauthorized access, Arkham Intelligence said at the time.
"Radiant capital has fallen victim to a hack causing $51 million in losses so far across Arbitrum and BNB chain," a security researcher told The Block in 2024. "The Ethereum and Base deployments seem to be secure but we would warn anyone to be careful interacting with these contracts at this time."
