Decentralized finance protocol Radiant Capital has announced it will begin winding down operations after failing to recover from a major security exploit. The protocol stated it could not establish a viable path forward following a $50 million hack attributed to North Korea’s Lazarus Group in October 2024. Its decentralized autonomous organization will cease development, though the platform will enter a maintenance state allowing users to manage funds.
Radiant Capital, a cross-chain crypto lending protocol, is closing down after a major exploit and failed recovery. The project’s DAO stated it lacked a viable path forward due to an inability to recover stolen funds, secure new capital, or maintain its operational runway.
North Korea’s Lazarus Group exploited the protocol for $50 million in October 2024. The hack caused its total value locked to plummet from a high of nearly $387 million in late 2023 to just $5 million within a month of the incident.
The protocol will transition to a maintenance state instead of a full shutdown. “Users are encouraged to actively manage risk and reduce exposure,” the team said, noting its smart contracts and frontend will remain accessible for withdrawals and position management.
Contributors had maintained the protocol under increasingly difficult conditions, but it was unsustainable without recovery or growth. The DAO will no longer work on development, upgrades, or protocol expansions moving forward.
Recovery efforts for the hacked funds will continue via an open remediation portal. Any recovered funds will be returned to affected users, according to the announcement.
The protocol’s native RDNT token fell 4.2% following the wind-down news. The token, which once traded near 58 cents, is now valued at a fraction of a cent.
