Popular crypto platform shuts down after $50 million hack

Anand Sinha

Tue, June 2, 2026 astatine 12:51 PM CDT 1 min read

Launched successful 2022, Radiant Capital is simply a major decentralized concern (DeFi) protocol built connected LayerZero. Its cross-chain lending crossed aggregate networks made it immensely fashionable among users.

The protocol grew rapidly during 2023 but got exploited for $50 cardinal in October 2024. Following the incident, the full worth locked (TVL) connected the level fell to astir $75 million.

It has been much than a twelvemonth and a fractional since the exploit and the protocol has been incapable to retrieve from the shocking incidental and is shutting down, Radiant Capital announced connected June 1.

There is no viable mode guardant and moving the protocol is not sustainable arsenic immoderate attempts to retrieve stolen funds oregon rise superior person been unsuccessful, Radiant Capital said.

Trending connected TheStreet Roundtable:

• Analyst cuts MicroStrategy terms people by 20%

• Fed politician issues bold prediction connected U.S. monetary policy

• Canada falls into recession for the archetypal clip since pandemic

What aboriginal holds for Radiant Capital users

Though the level is shutting down, the protocol said it volition not vanish altogether and volition modulation to a maintenance state.

What it means is that smart contracts volition stay accessible, users volition beryllium capable to retreat funds, repay loans, and grip existing positions. But developers volition halt moving connected strategy upgrades arsenic determination is nary request to grow the protocol.

Radiant Capital said it volition proceed to marque attempts to retrieve funds stolen during the 2024 exploit and if it succeeds successful recovering immoderate assets, affected users tin entree the remediation portal to question those funds.

Unsurprisingly, Radiant Capital's autochthonal token RDNT fell 8% successful the past 24 hours and was exchanging hands at $0.00136 astatine the clip of writing.

Related: Elon Musk brings backmost his McDonald's Happy Meal offer

This communicative was primitively published by TheStreet connected Jun 2, 2026, wherever it archetypal appeared successful the Bankruptcy News & Analysis section. Add TheStreet arsenic a Preferred Source by clicking here.