$50M Hack Breaks Radiant Capital: Why the DAO Is Now Winding Down

Radiant Capital enters wind-down after a $50M exploit, with TVL falling to $2.21M and market cap dropping below $2M.

Radiant Capital is moving into a wind-down phase after months of failed recovery work following its October 2024 exploit.

The DAO said it lacks recovered funds, new capital, and enough runway to keep operating responsibly, while its TVL has fallen to about $2.21 million.

Radiant Capital enters maintenance mode

Radiant Capital said the DAO no longer has a workable path forward after 18 months of recovery efforts.

The team said the October 2024 exploit left the protocol without enough support to continue normal operations.

The cross-chain lending protocol once held more than $300 million in user deposits across its markets. However, reported data now places its total value locked near $2.21 million.

Its market capitalization has also fallen below $2 million, based on the figures shared in recent reports.

The decline followed the $50 million exploit, which has been described in reports as DPRK-linked.

Radiant said the protocol will not shut down immediately, and users can still access core functions.

The frontend will remain live, while smart contracts will stay available onchain for position management.

Development stops as risk controls change

The DAO said active development has stopped as part of the wind-down process. It also confirmed that there will be no further upgrades, expansions, or new product work.

Borrow caps have been set to zero, which limits new borrowing activity across the protocol.

RDNT token emissions have also been discontinued as treasury use moves toward essential operations.

Radiant said its focus will now shift toward user safety, recovery work, and an orderly exit process. Users have been asked to manage risk and reduce exposure where needed.

The protocol said contributors and community members continued working under difficult conditions after the exploit. However, the DAO said effort was not enough without recovered funds, capital, or growth.

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Recovery efforts continue during wind-down

Radiant said the move into maintenance mode does not end the recovery process for affected users.

The remediation portal will remain open, and any recovered funds will be returned.

Forensic tracking and recovery work will continue, although the DAO said outcomes remain uncertain.

Recovery from major crypto exploits can take time, and results may depend on several processes.

The protocol will keep reduced support across its channels while users exit or manage open positions.

Radiant said the remaining system includes immutable Onchain infrastructure and accessible contracts.

The DAO thanked contributors, users, and supporters who remained during the difficult period after the hack.

It said the decision followed the loss of operating conditions needed to continue responsibly.

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