Radiant Capital (RDNT), a prominent cross-chain lending protocol, recently updated the public on its ongoing efforts to address a significant cyber attack that resulted in substantial fund losses. As part of their continued commitment to transparency, the team outlined their current priorities along with the steps they have been taking to recover funds, rectify the situation, and rejuvenate their protocol.
Topping the list of priorities is the recovery of the stolen funds and the procurement of external resources to aid in this recovery process. Though Radiant Capital confirmed these efforts are indeed in progress, they also candidly acknowledged that there is no significant progress or positive updates to share at this point in time. Despite the lack of substantial breakthroughs, the team remains dedicated to their mission of recovery and restoration.
In terms of improvement plans, the Radiant Capital team announced the preparation of a unified community proposal set for a second Decentralized Autonomous Organization (DAO) vote. The team expects a smoother transition through the council review and consensus phase this time around and is encouraging community members to actively participate in a survey. The survey is designed to determine which of the three proposed options will guide the protocol’s improvement strategy going forward.
The primary focus of these options includes addressing lost deposits, attracting new partnerships, and developing a comprehensive revitalization plan. Specifically, the team intends to recapitalize the protocol to facilitate modest refunds and establish a solid foundation for long-term recovery. In addition, strategic partnerships are being sought to secure new capital and recovery resources, thereby enhancing the overall recovery process. The comprehensive revitalization plan, meanwhile, involves developing a robust framework that aims to improve the protocol’s prospects and attract future investments.
In a move towards enhanced governance, Radiant Capital also announced plans to elect a new community council as outlined in the DAO bylaws. This proposal is currently in the community collaboration phase and is expected to soon enter the governance process. The new council will replace the inaugural council, with elections planned to be held annually.
For context, in October 2024, Radiant Capital was the victim of its second major attack of the year. The initial attack involved a flashloan exploit, where attackers withdrew approximately $4.5 million from the protocol. The second attack, however, was far more devastating, resulting in an estimated $53 million in losses from user wallets.
While the road to recovery may be challenging, Radiant Capital remains committed to its mission. As they navigate this difficult period, they continue to extend their gratitude to their community for its ongoing support.
*Please note that this article does not constitute investment advice. Always perform your own research and consult with a professional before making investment decisions.
