DeFi protocol Radiant to wind down after failing to recover from 2024 hack
Radiant says its frontend and smart contracts will remain accessible and users will still be able to withdraw, repay, and manage their positions.
Crypto lending protocol Radiant Capital says it will start closing down as it failed to establish a “viable path forward” after North Korea exploited it for $50 million in October 2024.
Radiant’s decentralized autonomous organization said in a blog post on Monday that its inability to recover the stolen funds, secure new capital and maintain a runway to continue operating responsibly forced it to wind down.
It added on X that contributors and community members had helped maintain the protocol under “increasingly difficult conditions,” but it was not enough to sustain the protocol “without recovery, capital, or growth.”
Read more
