Radiant Capital to Wind Down Protocol After Failing to Recover From Hack
Summary
- Radiant Capital announced the wind-down of protocol operations, saying financial strain persisted after the hack.
- The protocol will shift to maintenance mode, allowing users to continue withdrawing deposits, repaying loans and managing positions.
- The company said any assets recovered in the future will be returned to affected users through the recovery portal.
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DeFi lending protocol Radiant Capital said it will begin winding down operations, after a prolonged financial strain following a major hack last year.
Radiant Capital announced the decision to end protocol operations in a post on its official X account on June 1.
The company said it had spent 18 months trying to recover from a hacking incident in October 2024, but failed to recover funds or raise new capital. It added that the conditions needed to operate the protocol responsibly no longer exist.
The protocol will not shut down immediately and will instead shift to maintenance mode. The front-end will remain online, and the smart contracts will stay live on-chain. Users will still be able to withdraw deposits, repay loans and manage positions.
The recovery portal for affected users will also remain open. Any assets recovered in the future will be returned to affected users, the company said.
Radiant Capital suffered a hack of about $53 million in October 2024.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
