Radiant Capital to Wind Down After $50 Million Hack
- Radiant Capital will begin closing down due to a lack of viable recovery options after being hacked for $50 million by North Korea’s Lazarus Group in October.
- The protocol’s total value locked (TVL) peaked at $386.8 million in December before plummeting to $5 million following the exploit.
- Despite winding down, Radiant will enter a “maintenance state,” allowing users to withdraw and manage their positions but halting further development.
- The RDNT token fell by 4.2% after the announcement, trading now at a fraction of its all-time high of $0.58 from September.
Radiant Capital’s decision comes after its decentralized autonomous organization could not secure new capital or recover stolen funds, leading to an unsustainable operating environment. The hack significantly impacted user trust and liquidity within the platform.
As Radiant transitions into maintenance mode, it aims to keep its remediation portal open for recovery efforts while advising users to manage their risks actively. (Source)
