Radiant Capital to wind down after $50M Lazarus hack
Radiant Capital will wind down after a $50 million October 2024 hack attributed to North Korea’s Lazarus Group; the protocol will enter maintenance mode allowing withdrawals.
Radiant Capital, a decentralized finance lending protocol, will wind down operations after failing to recover from a $50 million exploit in October 2024 attributed to North Korea’s Lazarus Group. The protocol will transition into a maintenance state that preserves user access for withdrawals, repayments and position management.
The protocol’s decentralized autonomous organization cited an inability to recover the stolen funds, secure new capital and maintain an operating runway as reasons for the decision to wind down.
In a blog post published Monday, the DAO wrote that contributors and community members had kept the protocol running “under increasingly difficult conditions,” but that those efforts were insufficient “without recovery, capital, or growth.” The DAO added it will stop funding development, upgrades and expansions while keeping core access for users.
Under the maintenance plan, Radiant’s frontend will remain online and its smart contracts will stay accessible so users can withdraw assets, repay loans and manage open positions. The DAO will continue remediation work from the hack and will return any recovered funds to affected users through an ongoing recovery portal.
Radiant launched in 2022 as a cross-chain lending hub and expanded rapidly in 2023. The platform’s total value locked reached $386.8 million in December 2023. The Lazarus Group exploited Radiant in October 2024 and withdrew roughly $50 million. The protocol’s TVL dropped to about $75 million immediately after the exploit and fell to roughly $5 million within a month.
The announcement affected the RDNT token, which fell about 4.2% after the wind-down news. RDNT hit an all-time high of $0.58 in September 2022 and is now trading for a fraction of a cent.
The DAO urged users to “actively manage risk and reduce exposure.” Community contributors maintained basic operations and recovery efforts, but the DAO determined the protocol lacked a viable path to resume normal operations without recovered funds or new capital.
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