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Radiant Capital Repays $4.5M Exploit, Aligns with RFP-27 Proposal

2024/01/25 02:12

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Radiant Capital has commenced debt repayment, returning $2.6 million post a $4.5 million flash loan exploit earlier this month.

Radiant's Repayment Aligns with RFP-27 Proposal

Radiant's strategy, in line with the ratified RFP-27 proposal on January 8, utilizes funds from the Radiant DAO Treasury and operating expenditures, addressing bad debt. Supported by 73% of user votes, this decision taps into the DAO Treasury's $5.2 million balance, with monthly protocol revenues estimated at $500,000.

Exploit Targets USD Coin Lending Pool

The exploit targeted Radiant's USD Coin (USDC) lending pool on the Arbitrum network. PeckShield, a blockchain security company, highlighted the root cause—a time window exploitation during the activation of a new market in a lending market (forked from Compound/Aave).

Known Rounding Issue in Compound/Aave Codebase

PeckShield emphasized the exploit's reliance on a known rounding issue within the current Compound/Aave codebase, adding a layer of vulnerability.

Radiant's Roadmap for Debt Clearance

Radiant plans to clear the remaining debt within the next 90 days, potentially utilizing DAO reserve funds if liquidity permits. A $100,000 bounty, in collaboration with Arkham Intel, aims to identify the exploiter, supporting investigations involving Chainalysis, crypto exchanges, and law enforcement.

While Radiant takes steps to address the aftermath of the exploit, the incident underscores the challenges faced by DeFi platforms in maintaining robust security. Continued vigilance and collaborative efforts remain crucial in navigating the evolving landscape of blockchain vulnerabilities.

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