Radiant Capital to Wind Down After Failing to Recover From Hack

DeFi lending protocol Radiant Capital said it will begin winding down operations, after an extended financial crunch following a major hack last year.

Radiant Capital announced the decision in a post on X on June 1.

The company said it had spent 18 months trying to recover from the October 2024 hack, but failed to recover the funds or attract new capital. As a result, it no longer has the conditions needed to operate the protocol responsibly.

The protocol will not shut down immediately and will instead shift to maintenance mode. Its front-end will remain operational, and its smart contracts will stay 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. The company said any assets recovered in the future will be returned to impacted users.

Radiant Capital suffered a hack worth about $53 million in October 2024.