Radiant Capital to wind down after hack recovery failure

Radiant Capital has announced plans to wind down operations after failing to establish a viable path forward following a $50 million exploit linked to North Korea's Lazarus Group in October 2024.

The protocol's decentralised autonomous organisation said it was unable to recover the stolen funds, secure new capital or maintain sufficient financial resources to continue operating responsibly.

Contributors and community members continued supporting the platform under increasingly difficult conditions, but the project said ongoing operations were unsustainable without meaningful recovery, fresh funding or renewed growth.

Radiant launched in 2022 as a cross-chain lending platform designed to provide liquidity across multiple blockchain networks and experienced rapid expansion throughout 2023.

The protocol's total value locked peaked at approximately $386.8 million in December 2023 before collapsing after the exploit, falling to $75 million and then declining further to roughly $5 million within weeks.

Rather than fully shutting down, Radiant will move into a maintenance phase in which its frontend and smart contracts remain operational, allowing users to withdraw assets, repay loans and manage existing positions.

“Users are encouraged to actively manage risk and reduce exposure,”

The protocol said.