BlockBeats News, June 2nd. The DeFi lending protocol Radiant Capital announced that due to the inability to recover from the 2024 approximately $50 million exploit and the failure to secure new funding, the protocol plans to gradually wind down its operations. Radiant Capital stated that the DAO no longer has a viable path forward. Over the past few months, contributors and the community have continued to support users, maintain the protocol, and attempt to recover funds under challenging conditions. However, without fund recovery, new capital, or growth, mere efforts are insufficient to sustain the project.

In October 2024, Radiant Capital suffered attacks on Arbitrum and BNB Chain, where the attacker exploited a backdoor contract to gain unauthorized access, resulting in approximately $51 million in losses. Prior to this, Radiant had also experienced a flash loan attack in early 2024, where about 1900 ETH were stolen, valued at around $4.5 million at the time.

Radiant stated that the protocol will enter a "maintenance mode," with the frontend and smart contracts remaining online, allowing users to continue withdrawing, repaying, and managing positions. The team will continue efforts on fund recovery, and any reclaimed funds will be returned to affected users.