Radiant Capital announced it is closing operations, unable to recover from a $51 million hack.

According to The Block, DeFi lending protocol Radiant Capital has announced its official shutdown. The protocol suffered a hack in October 2024, losing approximately $51 million. The attackers gained unauthorized access by deploying backdoor contracts on Arbitrum and BNB Chain. Previously, the protocol also suffered a flash loan attack in early 2024, losing approximately 1,900 ETH (about $4.5 million). After 18 months of recovery attempts, Radiant Capital stated that it was unable to recover a significant amount of stolen funds or successfully raise funds, and that "DAOs have no viable path forward." The protocol will now enter a "maintenance state," with the front-end and smart contracts remaining accessible. Users can still withdraw, repay, and manage their positions. Any funds recovered will be returned to affected users.