The Radiant Capital crypto-lending protocol has announced it is shutting down operations following a $50 million hack carried out by North Korean hackers in October 2024. The project's Decentralized Autonomous Organization (DAO) stated in a blog post on Monday that this decision was made due to the inability to recover stolen funds or attract new investment. This is reported by Cointelegraph.com .
According to a statement from the Radiant team on the X social network, community members tried to maintain the protocol under difficult conditions, but continuing operations without capital and growth momentum was no longer possible. Launched in 2022, the platform aimed to provide liquidity across multiple blockchains, and its Total Value Locked (TVL) had risen to $386.8 million by December 2023.
Following the October hack, the amount of funds on the platform dropped sharply to $5 million. Radiant stated that instead of a full shutdown, it would enter a "maintenance mode." In this state, the protocol's frontend and smart contracts will remain open, allowing users to manage their positions, repay debts, and withdraw funds.
However, the DAO will no longer engage in new developments, updates, or expansion projects. Users are advised to actively manage risks and reduce their assets on the platform. The Radiant team promised to continue efforts to recover stolen funds and return them to victims if found.
Against the backdrop of this news, the value of the Radiant Capital (RDNT) token fell by 4.2%. The token, which reached a record high of 58 cents in September 2022, is currently trading at a fraction of a cent. This situation once again proves how important cybersecurity and capital stability are for DeFi projects.
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