Cryptocurrency investment firm Radiant Capital has confirmed a security breach in its network, resulting in the theft of Ethereum valued at approximately $4.5 million. Blockchain security company PeckShield Inc. reported that the hacker drained 1,900 Ethereum tokens within six seconds after a new market activation on the decentralized platform.
PeckShield's analysis revealed that the exploitation exploited a time window during the activation of a new market in a lending platform, forking from the popular Compound/Aave. The attack also capitalized on a known rounding issue in the current Compound/Aave codebase.
Radiant Capital acknowledged the hack in an official post, confirming the details of the exploit and specifying that the incident occurred on the newly created native USDC market on Arbitrum. The Arbitrum markets have been temporarily closed as Radiant Capital investigates further, assuring users that no funds are currently at risk.
Orbit Chain's Orbit Bridge Hit by $82 Million Hack: Cross-Chain Bridge Exploit Unveiled
In another significant incident, Orbit Chain's Orbit Bridge service experienced a major security breach, resulting in an $82 million loss. The exploit, occurring just before New Year's, prompted the suspension of the cross-chain bridge contract.
Initial reports of unusual activity on the Orbit Chain Bridge came on Dec. 31, with the hackers executing five transactions, transferring substantial amounts of USDT, USDC, Ethereum, WBTC, and DAI into new wallets, as detailed by Arkham Intelligence.
In response to the breach, Orbit Chain swiftly suspended the bridge contract and initiated on-chain negotiations with the hackers. Ongoing investigations aim to understand more about the breach and track the stolen assets.
Crypto investors and enthusiasts are advised to stay vigilant as these security breaches highlight the importance of robust security measures within decentralized platforms. Regular updates will be provided as investigations progress in these cryptocurrency security incidents.
