Radiant Capital ceases operations following $50 million exploit
The LayerZero-based lending platform, which suffered a major security breach in October 2024, announced its shutdown on June 1, citing unsustainable operations and unsuccessful capital raising attempts.
Radiant Capital, a decentralized finance protocol launched in 2022, has announced it is shutting down and entering a maintenance state. The decision follows a security exploit in October 2024 that resulted in the theft of approximately $50 million. The platform stated that recovery attempts and capital raising efforts have been unsuccessful, making continued operations unsustainable.
Built on LayerZero, Radiant Capital facilitated cross-chain lending across multiple networks and experienced rapid growth during 2023. However, the October 2024 incident caused the total value locked on the platform to drop to approximately $75 million. More than a year and a half after the breach, the protocol determined there was no viable path forward for active development.
While the shutdown marks the end of new system upgrades, the protocol will not disappear entirely. Smart contracts will remain accessible, allowing users to withdraw funds, repay loans, and manage existing positions. Developers have ceased work on expanding the protocol, focusing instead on maintaining the existing infrastructure for user access.
Radiant Capital confirmed it will continue attempts to recover the stolen assets. If successful, affected users will be able to access a remediation portal to seek reimbursement for their losses. The platform did not provide specific details regarding the mechanisms for this portal or the likelihood of successful fund recovery.
The native RDNT token fell 8% in the 24 hours following the announcement, trading at $0.00136. The news was originally published by TheStreet on June 2, 2026.
