Radiant Capital Addresses Hack and Suspends Lending Market on Arbitrum

According to Foresight News, multi-chain lending protocol Radiant Capital has reported a hacking incident that resulted in bad debt accounting for approximately 1.3% of the protocol's total value locked (TVL) in the WETH market. In response, the Radiant DAO committee has temporarily suspended the lending market on Arbitrum. A technical method has been developed to safely lift the suspension on the lending market, which is currently being reviewed by OpenZeppelin, independent Ethereum researchers, and white-hat hackers. Radiant Capital emphasizes that the protocol has the ability to repay and will implement a bad debt remediation plan to fully re-adjust the protocol's capital and allow users to fully utilize their deposits. For users facing liquidation risk during the suspension period, a proposed plan will be implemented to ensure that no users are unfairly penalized.