Radiant Capital: It is solvent, will implement a bad debt recovery plan, and plans to safely restore the Arbitrum market within 24 hours

PANews reported on January 4 that Radiant Capital tweeted that Radiant Capital was attacked by flash loan after launching a new native USDC market on Arbitrum on January 2, causing the agreement to have an approximate share of the WETH market. Bad debts of 1.3% of the total locked value (TVL). The Radiant DAO committee initiated emergency administrative controls, suspending all markets on Arbitrum to mitigate further losses, and the investigation has been ongoing since yesterday afternoon. A technical method to safely restore the lending market on Arbitrum has been developed and is being scrutinized by Ethereum researchers and white hat hackers. The Radiant protocol is solvent and will implement a bad debt recovery plan, giving users full access to their deposits. Additionally, a proposed scheme will be implemented for users at risk of liquidation during the suspension period to ensure that no user is unfairly penalized. As the team gathers more data on the attackers, law enforcement officials will become involved. A detailed postmortem, along with proposed technical and bad debt remediation plans, will be presented in the coming days. The current priority is to safely restore the Arbitrum market and ensure that no users are affected. The team plans to complete the work within the next 24 hours.