The Radiant Capital cross-chain DeFi lending protocol’s DAO announced on June 1 that it will stop operating. The reason is that since the October 2024 hacker attack that involved approximately $51 million, it has been unable to recover any meaningful funds within 18 months. The protocol will enter a “maintenance state.” The front end and smart contracts will still remain operational and accessible; if any funds are recovered, they will be returned to affected users.
Confirmed two attacks in 2024
Radiant Capital suffered two separate attacks in 2024. In early 2024, the Radiant protocol was hit by a flash loan attack, losing about 1,900 ETH worth approximately $4.5 million. In October 2024, the second attack occurred against Radiant Capital’s Arbitrum and BNB Chain instances. The attackers deployed a backdoor contract to obtain unauthorized access privileges, resulting in losses of approximately $51 million; deployments on Ethereum and Base were not affected by this attack.
Confirmed user options after shutdown
According to Radiant Capital’s official statement, after the protocol enters a maintenance state, users can still execute withdrawals, repayments, and manage positions. The front-end interface and underlying smart contracts will continue to remain operational and accessible. Radiant also confirmed that the recovery work is still ongoing, and any recovered funds will be returned to affected users.
FAQ
After Radiant Capital stops operating, can users still withdraw their funds?
According to Radiant Capital’s official statement, after the protocol enters a maintenance state, the front end and smart contracts will continue to operate normally. Users can continue to withdraw, repay, and manage positions, and funds will not be locked due to the protocol stopping operations.
How did the October 2024 attack happen?
Based on Arkham Intelligence’s analysis and reports from security researchers at the time, the attackers obtained unauthorized access to Radiant Capital’s instances on Arbitrum and BNB Chain by deploying a backdoor contract, causing losses of approximately $51 million; deployments on Ethereum and Base were not affected by this attack.
What is the overall trend for DeFi protocol vulnerability attacks?
DeFi Llama recently reported that the number of cryptocurrency hacker attacks in April 2026 reached a historical high. The total number of vulnerability attacks in April exceeded 20, marking the first time this figure has been surpassed, although the total amount stolen that month did not set a new record.
