- Radiant Capital is shutting down its core operations after failing to recover from a $50 million exploit attributed to North Korea‘s Lazarus Group in October 2024.
- The DeFi lending protocol will transition to a “maintenance state,” where its smart contracts remain accessible for users to manage positions, but no new development will occur.
- The project’s total value locked (TVL) plummeted from a high of nearly $386.8 million in late 2023 to around $5 million after the hack, from which it never recovered.
In October 2024, the crypto lending platform Radiant Capital announced it would begin winding down after a devastating $50 million hack exploited by North Korea. The protocol’s decentralized autonomous organization stated its inability to recover the stolen funds or secure new capital left no viable path forward. Consequently, the team determined it could not sustain operations without recovery, capital, or growth.
However, the protocol is not shutting down completely. Radiant Capital will instead enter a maintenance state where users can still withdraw funds and manage positions. Its DAO will cease all development, upgrades, and expansion efforts moving forward. “Users are encouraged to actively manage risk and reduce exposure,” the team added on X.
Launched in 2022, Radiant rapidly expanded, reaching a peak TVL of $386.8 million in December 2023 according to data. The Lazarus Group exploit caused that value to collapse to $5 million within a month, a blow from which the project never recovered. Meanwhile, the RDNT token fell 4.2% on the wind-down news, trading for a fraction of its all-time high of 58 cents.
The organization says it will continue recovery efforts by keeping its remediation portal open. Any funds recovered from the October hack will be returned to affected users.
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