After the recent implementation of upgrades, Radiant Capital, a decentralized finance crypto lender, was breached on BNB Smart Chain for $50 million in cryptocurrencies.
The information of the incident of the breach was first reported by Ancilia a Web3 security startup X post notes that “ We have noticed several transferFrom user’s account through the contract 0xd50cf00b6e600dd036ba8ef475677d816d6c4281. Please revoke your approval ASAP. It seems like the new implementation had vulnerability functions.”
Bad Actors leveraged user accounts to initiate several suspicious transactions as per Ancilia; the effects were also observed on Radiant on the Arbitrum chain. USDC, ETH, and WBNB are majorly Wipeout cryptos by the hackers.
Following the attack, Radiant Capital posted on X noting that “ We are aware of an issue with the Radiant Lending markets on Binance Chain and Arbitrum.”
Since the beginning of 2024 hacks, scams, and frauds have surged significantly and till September 2024 the cryptocurrency market lost over $1.30 billion in hundreds of combined incidents. Centralized platform tops the losses list and decentralized suffered fewer losses compared to in 2023.
Breach of Radiant is one of the biggest DeFi hacks in Q4, 2024. It is worth noting that Ancilia reposted the post of impersonators but soon after a comment from an account the post was deleted in the following post, the security firm apologized for mistakenly posting the wrong and further tagged the official handle of the victim company.
Major DeFi Hacks in 2024
One of the biggest DeFi hacks in 2024 is the hack of PlayDaap which approximately lost $290 million in a private key leak breach. The well-known decentralized finance Ronin has set a next-level record as it was once again hacked for $12 million in February 2024 for the second time in two years.
Vow as a decentralized platform was hacked by bad actors and wiped out 1.2 million. An individual Ethereum became a victim of a social engineering hack losing more than $50 million in Ether.
The whale allegedly fell victim to the bad actors and was tricked into logging in to a malicious browser which further resulted in losing control of the wallet and resulting in wipeouts.
With evolving technology and passing times scammers and people with scamming mindsets have discovered several new ways to fool innocent people resulting in severe losses. Pump and Dump is one of the most common followed by romance scams, pig butchering scam techniques, airdrop scams, ICO scams, and phishing among others.
Crypto Market Approaching Towards a Bullish Zone!
Since the past 78 hours, the cryptocurrency has seen a significant inflow of funds and as of writing the whole market capitalization was $2.30 trillion after growing 8.92% in a week and 13.55% in the past 30 days.
There are many reasons behind the spike in the cap but some major ones include the lead of Donald Trump over Kamala Harris on the world’s biggest betting market Polymarket. As per the same data set former President Trump has a 61.3% chance of winning the presidential election in 2024 although Harris only has a 38.6% chance.
A few days earlier it was reported that the chance of Harris was over 44%, but with the hype of the election, Trump seems to be leading on grounds too. However, these are speculations by market experts regularly engaged in analyzing the betting market.
On the other hand, Bitcoin prices have outperformed as of writing it was trading at $67,028 adding 10.63% in the past seven days. After analyzing the charts minutely it is noticed that the strength in the prices seems to be bulls or massive buyers.
BTC’s market dominance has also added 1.45% in the past seven days and until publishing it was dominating 58.84% of the vast crypto market.
