DeFi protocol Radiant to wind down after failing to recover from 2024 hack
Radiant Capital, a DeFi lending protocol, is winding down after North Korea's Lazarus Group stole $50 million in October 2024. Unable to recover funds or secure new capital, Radiant will transition to maintenance mode, keeping its frontend accessible for withdrawals while halting development. The RDNT token collapsed from 58 cents to fractions of a cent.
Key takeaways
- 1Radiant Capital lost $50 million to North Korea's Lazarus Group in October 2024 and is now winding down operations.
- 2RDNT token crashed from 58 cents in September 2022 to fractions of a cent after the hack and closure announcement.
- 3Protocol will remain in maintenance mode with accessible frontend and smart contracts, allowing users to withdraw and manage positions.
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Why it matters
This collapse highlights critical security risks in DeFi protocols and demonstrates how a single major hack can permanently damage investor confidence and protocol viability. Indian retail investors should note that DeFi platforms lack traditional insurance protections, making capital loss from hacks a permanent risk with minimal recovery odds.
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