Omnichain money market Radiant Capital seems to be undergoing an exploit, according to onchain evidence and Web3 security Ancilia. It appears the attack began Wednesday afternoon on Radiant's Chain instance and then moved onto Ethereum Layer 2 Arbitrum .
“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,” Ancilia wrote on X.
A transferFrom exploit uses a smart contract's transferFrom function to enable one account to send a specified number of tokens from a target account to a third account. It generally requires the victim's account to grant permission to interact with a spoofed wallet address.
Ancilia is warning Radiant users to revoke all Radiant contract addresses as a safety measure.
According to the security experts, a backdoor contract was deployed at approximately 17:09 UTC on Wednesday, enabling the unknown attacker to gain unauthorized access and begin transferring tokens.
Security firm Fuzzland told The Block that the attack profile suggests that someone was either phished or a computer compromise led to Radiant's private keys leaking.
The attacker transferred wrapped versions of BNB, ETH, USDC and USDT tokens, among others, from a Radiant-controlled wallet to a single address beginning 0x0629b. That wallet currently has a BNB balance of over $5 million worth of tokens. That same wallet's account on DeBank shows a $51 million balance, with a 2,619,512.54% increase in token holdings since it was created, indicating the attack could be far more widespread.
The attacker's address holds over $32 million worth of Arbitrum-based assets and around $18 million worth of tokens on BNB Chain. Its largest holdings are ETH derivatives wstETH and weETH.
Earlier this year, Radiant Capital lost around 1900 ETH, worth $4.5 million, in a flash loan attack.
This is a developing story and will be updated.