Jefferies stock gains as fund seeks Singapore freeze against Radiant World. LAM Trade Finance Group II expands legal action against Radiant World in Singapore. Singapore court will hear the freezing injunction request against Radiant World. Radiant World faces growing legal pressure across Singapore and the United Kingdom. Jefferies-linked fund escalates recovery efforts over disputed trade financing. Jefferies Financial Group (JEF) stock rose Monday as a linked fund intensified legal action against iron ore trader Radiant World. JEF closed at $55.23, up 1.79%, then gained 0.20% after hours to $55.34. The move came before a Singapore hearing on the fund’s freezing injunction request.
Jefferies Financial Group Inc., JEF
Jefferies Stock Gains as Fund Escalates Singapore Case LAM Trade Finance Group II applied for the injunction against Radiant World and founder Pinkesh Nahar. Singapore’s High Court will hear the application on September 9, according to the judiciary’s hearing list. The filing follows a worldwide freezing order secured from a United Kingdom court.
The Singapore case names Radiant World’s Hong Kong parent and main Singapore operating entity. It also names Sapphire Minmetals Corporation and chairman Rakesh Sethi as defendants. Jefferies holds a minority interest in the fund, while Point Bonita manages it within the bank’s asset management business.
Bloomberg reported that Point Bonita financed invoices linked to Radiant World and Sapphire Minmetals. Trading counterparties later questioned some supporting documents, according to the report. The dispute has since widened into legal action across several jurisdictions.
Radiant World Faces Wider Legal and Banking Pressure Radiant World now faces several legal and financial challenges in Singapore and elsewhere. Some banks have frozen accounts, while trading firms have cut ties with the iron ore trader. Concerns focus on whether invoices used in trade-finance deals were valid and properly supported.
Radiant World has denied wrongdoing and says its operations meet commercial and legal standards. Sethi has rejected claims linking Sapphire Minmetals and Radiant World as one corporate group. Glencore chief executive Gary Nagle previously said the company viewed both traders as part of the same group.
Other lenders have also taken legal action tied to Radiant World’s Singapore business. Incomlend has sued Radiant World and Nahar in Singapore over separate claims. Mizuho Bank has pursued measures involving management of Radiant World’s Singapore unit.
Jefferies Fund Expands Cross-Border Enforcement The Singapore application follows the fund’s earlier London claims against the same five parties. A United Kingdom court then granted a worldwide freezing order covering assets linked to those defendants. The order strengthened the fund’s position while it pursued recovery tied to disputed financing.
Singapore police also began reviewing Radiant World after receiving reports about the company last month. Authorities disclosed the investigation but did not provide detailed allegations or findings. The review adds scrutiny alongside civil claims and banking restrictions.
A separate Singapore lawsuit accused Radiant World of using previously paid Glencore invoices to secure new financing. The lender also alleged that fake contracts supported a $31.7 million funding request. Radiant World denied wrongdoing as the latest Jefferies-linked case moved through Singapore’s High Court.
A private credit fund tied to Jefferies has secured a worldwide freezing order from London’s High Court, targeting up to $499 million in assets connected to iron ore trader Radiant World. The fund’s total exposure to the trader and its affiliated entities has ballooned to nearly $500 million, a figure significantly larger than the roughly $300 million previously disclosed.
The order, obtained by LAM Trade Finance Group II, names Radiant World’s founder Pinkesh Nahar, affiliated entity Sapphire Minmetals, and an individual named Rakesh Sethi. The escalation follows growing concerns over allegedly falsified invoices linked to Radiant’s operations.
From $35 million to half a billion LAM Trade Finance Group II initially extended $35 million in financing to Radiant World back in 2021. That figure then climbed to several hundred million dollars as Radiant positioned itself as a major force in global iron ore trading.
Radiant World, founded in 2003 by Nahar, grew into a business that trades over 80 million tonnes of iron ore annually. The company reported revenues of $9.6 billion for the year ending September 2025.
Industry giants hit the exits Vitol, Cargill, and Glencore have all ceased new business dealings with Radiant. Intesa Sanpaolo has also reportedly reevaluated its exposure to Radiant, reflecting a broader reckoning in the trade finance sector about the reliability of invoice-based documentation.
A fund already under pressure For LAM Trade Finance Group II, the Radiant situation compounds what has already been a difficult period. The fund has been dealing with substantial losses connected to First Brands Group, an auto-parts maker.
The freezing order obtained from London’s High Court is an attempt to lock down whatever recoverable assets remain. Jefferies’ connection to the fund adds a reputational dimension to the financial one.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
A company that claimed $9.6 billion in annual revenue and moved over 80 million metric tons of iron ore per year is now watching its business relationships disintegrate in real time. Radiant World, the Singapore-based trading house founded by Pinkesh Nahar, has seen some of the biggest names in commodities and banking walk away in a matter of weeks.
The unraveling began in late July 2026 when Vitol Group, Cargill, and Glencore, three of the world’s most influential commodity trading firms, all stopped doing business with Radiant. The reason: allegations that the company had provided invalid invoices.
The dominoes fall fast Once the major traders stepped back, the banks followed. Deutsche Bank and KBC froze some accounts linked to Radiant World in August 2026. Credit lines were suspended.
Radiant’s revenues roughly doubled from around $4.5 billion in 2023 to $9.6 billion in fiscal year 2025. The firm built its operation on strong trade finance relationships with numerous banks and close ties to major commodity miners and traders.
Mining giants Rio Tinto and Vale have both removed Radiant from their approved customer lists.
Banks count the cost Intesa Sanpaolo, the Italian banking group, has provisioned for approximately €200 million of exposure to Radiant, though the bank indicated the hit would not significantly impact its 2026 profits. Jefferies’ Point Bonita fund is reviewing its own exposure, which sits at less than $300 million.
Creditor claims against Radiant World’s Singapore entity have more than doubled, rising from 10 to 21 since early 2025. Mizuho filed for insolvency proceedings against Radiant World in late August 2026. Singapore Police are now investigating the allegations against the company. Staff layoffs have followed.
How trade finance works, and breaks Companies like Radiant don’t typically buy iron ore with their own cash. They use short-term bank financing, essentially borrowing against the value of cargo in transit. The bank lends money, the trader buys the commodity, ships it, sells it, and repays the loan. The whole system runs on documentation — invoices, bills of lading, warehouse receipts. If the paperwork is unreliable, the entire financing chain seizes up.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Radiant World, a Singapore-based firm that had quietly become a major force in the global iron ore market, is now facing investigations from two of the most powerful enforcement bodies in the United States. The Department of Justice and the Commodity Futures Trading Commission are both examining the company’s trading activities, with allegations centering on falsified or invalid documentation submitted to banks.
The probe is still in its early stages, but the fallout has already been swift and significant. Some of the biggest names in commodity trading have stepped back from doing business with Radiant World entirely.
What Radiant World is accused of
At the core of the investigation is a straightforward but serious allegation: that Radiant World submitted fraudulent invoices and other documentation to financial institutions in connection with its trading operations. In commodity finance, documentation is everything. Banks extend credit based on the validity of trade documents, so fabricated paperwork is not a minor bookkeeping error, it is a mechanism for obtaining financing under false pretenses.
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Rabobank conducted an internal review of Radiant World’s documentation practices several years before the current investigations became public, and the bank curtailed credit lines to the firm after that review identified concerns.
Creditor claims against Radiant World have been mounting rapidly. The number of registered claims against the company climbed from 10 in 2025 to 21 by August 11, 2026.
The commodity giants pulling back
Vitol Group and Cargill Inc. suspended dealings with Radiant World in July 2026 after concerns about the company’s documentation surfaced more broadly within the industry. Both firms halted all trading with Radiant World as a precautionary measure, and neither has resumed.
The most financially significant disclosure came from Glencore, which reported counterparty exposure exceeding $500 million linked to Radiant World. The mining and trading giant said it has taken a non-material financial provision against that risk, which in accounting terms means the potential loss has been acknowledged but is not yet expected to materially affect the company’s bottom line.
What this means for commodity markets
The dual-agency nature of the US probe adds another layer of complexity. The DOJ handles potential criminal liability, while the CFTC focuses on market manipulation and fraudulent practices in derivatives and commodities markets. The fact that both are involved simultaneously suggests investigators are examining a range of potential violations, not just a single narrow infraction.
For banks still holding credit exposure to Radiant World, the investigations create an uncomfortable waiting game. Financial institutions that financed Radiant World’s trades based on the documentation in question may now face the prospect of recovering funds from transactions that were structured on fraudulent terms.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Radiant World, one of the planet’s largest iron ore trading firms, is watching its network of financial and commercial relationships unravel in real time. Deutsche Bank and KBC Group froze parts of the Singapore-based trader’s bank accounts on or around August 6, 2026, citing concerns about the validity of invoices and documents submitted for trade financing.
The exodus The banking freezes didn’t occur in isolation. Major global miners including Rio Tinto and Vale have halted new business with Radiant World. Trading houses Vitol, Cargill, and Glencore have done the same, all pointing to documentation concerns that surfaced in late July and early August.
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Glencore confirmed on August 5 that it took a provision for its exposure to Radiant World, though the Swiss commodity giant was quick to note the hit was “not material” to its overall financial health. Intesa Sanpaolo, the Italian banking group, booked a provision on approximately $230 million in exposure to the trader, roughly €200 million, and similarly said it expected no impact on 2026 net profit.
Why documentation matters more than you think Radiant World moves millions of tons of iron ore annually from its Singapore headquarters, a volume that requires enormous amounts of working capital and credit. The firm’s business model, like most commodity traders, is heavily reliant on short-term financing from banks that take the underlying cargo as collateral. If the documentation supporting those cargoes comes into question, the financing evaporates.
This is not a novel problem in the commodities world. Singapore’s trading scene has been here before. The collapse of Hin Leong Trading in 2020 exposed billions in hidden losses and fabricated documentation, sending shockwaves through the city-state’s commodity finance sector.
What this means for the iron ore market Additional banks are already suspending credit lines to Radiant World beyond Deutsche Bank and KBC, creating a cascading liquidity squeeze.
Glencore and Intesa Sanpaolo taking provisions signals to the rest of the market that smart money is preparing for potential losses, which tends to accelerate the pullback from other institutions that haven’t yet taken defensive positions.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Radiant World, an iron ore trading firm, is watching its business relationships disintegrate in real time. Two of its key banks have frozen funds, major commodity miners are severing ties, and the allegations at the center of it all, falsified trade documents submitted to financial institutions for funding, paint a picture that should make every trade finance participant deeply uncomfortable.
The dominoes fall fast Vitol Group and Cargill Inc., two of the largest commodity trading firms on the planet, have both halted trading with Radiant World. Their reason is straightforward: allegations that the company submitted invalid or falsified trade documents to banks to secure funding.
Glencore has taken a slightly softer but still decisive stance, stopping new business with Radiant World while addressing existing contracts. On August 5, 2026, Glencore confirmed that its exposure to the firm is “non-material” and that it has made a provision accordingly.
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On the banking side, the damage is equally severe. Intesa Sanpaolo has provisioned €200 million, roughly $230 million, against its exposure to Radiant World. Jefferies Financial Group’s Point Bonita fund holds approximately $300 million in trade finance exposure linked to the firm, currently under review.
A pattern, not an incident The most troubling detail in this saga might be the timeline. Concerns about Radiant World’s documentation practices are not new. Back in 2020, Rabobank ceased extending credit to the company after discovering falsified bills of lading.
Bills of lading are essentially receipts proving that goods were shipped. Falsifying them is the trade finance equivalent of forging a check. Rabobank caught it six years ago.
This pattern echoes one of the most infamous commodity trading frauds in recent memory. In 2020, Hin Leong Trading, a Singapore-based oil trader, collapsed after it was revealed the company had been hiding roughly $800 million in losses and using falsified documents for years.
Why crypto and digital finance should be paying attention Trade finance fraud has long been one of the strongest arguments for blockchain-based solutions in commodity markets. The core vulnerability is always the same: paper documents can be forged, duplicated, or fabricated. A bill of lading can be photocopied and submitted to multiple banks simultaneously, securing funding against the same shipment twice or more.
The withdrawal of Vitol, Cargill, and Glencore from Radiant World also signals something about counterparty risk awareness in traditional finance. When major players decide simultaneously that a counterparty can’t be trusted, liquidity evaporates almost instantly. The speed of Radiant World’s isolation mirrors the velocity of crypto contagion events seen through FTX, Celsius, and a string of other collapses.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
RedStone is building an independently verified transparency dashboard for Radiant Prime, giving investors direct visibility into portfolio performance, NAV, exposures, and capital deployment using data collected directly from the strategy’s underlying exchange accounts.
TL;DR Radiant Prime has selected RedStone to independently verify and publish key portfolio metrics. Data is collected directly from Radiant Prime’s exchange accounts through secure API infrastructure. Investors will receive independently verified reporting on NAV, PnL, APR, portfolio exposure, and capital deployment. Sensitive trading models and proprietary strategy logic remain private. The integration establishes the foundation for future onchain applications and broader DeFi connectivity. Bringing Independent Verification to Quantitative Crypto Performance is easy to publish. Proving where it comes from is much harder.
That challenge has become increasingly important as institutional investors evaluate systematic crypto strategies. Strong returns matter, but so does understanding how those returns are generated, how capital is deployed, and whether the reported numbers can be independently verified.
Radiant Prime is addressing that challenge through a new partnership with RedStone.
Radiant Prime is a fully hedged, market-neutral quantitative strategy designed to capture relative-value opportunities across cryptocurrency markets. Capital is allocated using systematic forecasts of expected return and portfolio risk, while portfolio-level hedging targets near-zero net market exposure.
The strategy executes through secure API connectivity across centralized exchanges, with client assets held in segregated accounts.
For strategies operating in this environment, transparency has traditionally been difficult to achieve.
Unlike onchain protocols, portfolio balances, positions, and performance cannot be verified directly through blockchain data. Investors have generally relied on manager-reported dashboards or periodic audits. Both provide useful information, but neither offers continuously sourced, independently verified visibility into the strategy.
That’s the gap RedStone is solving.
“Transparency is core to how we operate. RedStone gives our investors an independent, directly sourced view of performance and exposure, refreshed weekly from the exchanges themselves, without exposing the models behind the strategy.” Sissi Wan, Chief Risk Officer, Radiant Prime
How the Verification Works Radiant Prime currently executes across Binance and LBank.
RedStone has built dedicated infrastructure that securely connects to these exchange accounts through API integrations. Portfolio data is collected directly from the underlying source systems, independently processed, and published without exposing proprietary trading models or execution logic.
This allows investors to verify portfolio information while preserving the intellectual property behind the strategy.
The investor dashboard will report independently verified metrics on a weekly basis including:
Current and historical NAV Historical PnL Current and historical APR Gross and net exposure by exchange Long and short exposure Data freshness and source coverage Why This Matters Transparency has become a defining requirement for institutional capital.
Allocators increasingly expect more than reported performance. They want confidence that portfolio data is accurate, independently sourced, and representative of how capital is actually being managed.
That expectation is especially relevant for quantitative strategies operating on centralized exchanges, where assets remain offchain and proprietary trading systems cannot simply be published without compromising their competitive advantage.
RedStone’s infrastructure makes independent verification possible without requiring Radiant Prime to reveal the models that generate its alpha.
Rather than asking investors to trust reported numbers, the dashboard provides independently verified reporting sourced directly from the exchanges where the strategy operates.
“Quantitative trading strategies on centralized exchanges, like Radiant Prime, represent a new frontier for independent verification. RedStone is building the infrastructure to make that possible.” Marcin Kazmierczak, Co-Founder and COO, RedStone
Extending RedStone’s Verification Infrastructure RedStone’s Proof of Reserve infrastructure already supports independently verified assets across the digital asset ecosystem, including Lombard’s LBTC, Ethena’s USDtb, and tokenized funds through Securitize.
The Radiant Prime integration extends those same verification principles to a live quantitative trading strategy operating on centralized exchanges.
While the underlying assets differ, the objective remains the same: provide investors with independently sourced data they can rely on.
A New Standard for Strategy Transparency Institutional investors have long expected independent verification in traditional finance. As digital asset markets mature, that expectation is becoming equally important for systematic crypto strategies.
Radiant Prime and RedStone are bringing that standard to quantitative investing.
By combining independently sourced portfolio reporting with secure verification infrastructure, the partnership gives investors greater confidence in how strategy performance, portfolio exposure, and capital deployment are measured, without compromising the proprietary systems that generate the strategy’s edge.
Independent verification does more than strengthen transparency. It provides a stronger foundation for institutional participation in the next generation of quantitative digital asset strategies.
Building the Foundation for What’s Next The transparency dashboard is the first stage of a broader roadmap. As Radiant Prime expands its ecosystem, independently verified portfolio data can support future onchain integrations, including verified NAV feeds and additional DeFi applications.
Each stage builds upon the integrity of the data collected today. Independent verification strengthens investor confidence today while establishing the infrastructure needed for future financial products built around verified portfolio information.
Frequently Asked Questions What is Radiant Prime? Radiant Prime is a fully hedged, market-neutral quantitative strategy that captures relative-value opportunities across cryptocurrency markets. The strategy maintains near-zero net market exposure and executes through secure API connectivity across centralized exchanges while client assets remain in segregated accounts.
How is this different from a self-reported dashboard? A self-reported dashboard displays metrics calculated and published by the strategy manager. RedStone independently collects portfolio data directly from the underlying exchange accounts and publishes verified metrics using its own infrastructure.
What happens if an exchange API becomes unavailable? The dashboard includes data freshness indicators and source coverage status, allowing investors to see when information was last successfully retrieved.
How often is the dashboard updated? Portfolio metrics are updated weekly using data collected directly from Radiant Prime’s exchange accounts on Binance and LBank.
Does this expose Radiant Prime’s proprietary strategy? No. The dashboard verifies portfolio metrics without revealing trading models, execution logic, or proprietary research.
RedStone, the modular oracle provider that already powers data feeds across more than 100 blockchain networks, has teamed up with Radiant Prime to build a Proof of Reserve dashboard. The tool provides verified, real-time portfolio and capital data for Radiant Prime’s trading operations, essentially giving users a live window into whether the funds backing the platform’s strategy are actually where they’re supposed to be.
What the dashboard actually does Radiant Prime runs a high-frequency delta-neutral basis trading strategy. In English: it’s a market-neutral approach designed to generate returns regardless of whether crypto prices go up or down, by simultaneously holding offsetting long and short positions. The strategy is focused on alpha generation, which sounds fancy but just means squeezing out profit from market inefficiencies rather than directional bets.
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The Proof of Reserve system works as a continuous, automated verification mechanism. Instead of waiting for a quarterly audit from some accounting firm, the dashboard checks vault balances in real time. RedStone’s PoR system verifies that the funds backing tokens are consistently held securely in vaults.
Why this matters for DeFi transparency Community response on social media has been notably positive, with users highlighting the move’s significance for building confidence in DeFi trading strategies.
The RED token and market positioning The RED token, which underpins the RedStone ecosystem, currently has a circulating supply of approximately 447 million tokens out of a maximum supply of 1 billion. The market capitalization sits around $49 million, with the token trading at roughly $0.11.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Rubio: US and Iran to continue technical consultations at the end of this month
Multiple foreign media outlets reported on the 24th that US Secretary of State Rubio said technical teams from the United States and Iran will hold further talks in Switzerland by the end of June. (Xinhua News Agency)
6 hours ago
Over the past 24 hours, total crypto market liquidations hit $606 million, with more than 130,000 traders liquidated.
According to Coinglass data, the global cryptocurrency market recorded $606 million in liquidations over the past 24 hours, including $542 million in long-position liquidations and $68.22 million in short-position liquidations. A total of 135,785 traders worldwide were liquidated in the same period, with the largest single liquidation order occurring on Binance’s BTCUSDT trading pair, valued at $12.0111 million.
6 hours ago
Bitcoin falls below $60,000
According to HTX market data, Bitcoin has fallen below $60,000, with a 4.3% drop in the past 24 hours.
6 hours ago
US Treasury Secretary: AI boom may boost productivity and help curb inflation.
US Treasury Secretary Bessent told CNBC in an interview that he hopes the Federal Reserve will remain "open-minded" about the inflation pattern after the reversal of Iran-related energy price hikes. Bessent noted that the U.S. could enter an economic environment marked by high GDP growth without a corresponding rise in traditional inflation. He cited that in the 1990s, Alan Greenspan foresaw that office modernization and the internet could drive non-inflationary growth, and allowed the economy to keep expanding. Bessent believes the U.S. has a strong chance of seeing a similar scenario again. When asked whether the Fed still needs to worry about potential inflation and whether interest rate cuts are possible this year or next, Bessent declined to comment. However, he argued that it is necessary to stay open-minded about the price or inflation impacts from the Iran conflict, and monitor inflation performance after those effects subside. Bessent also said an open mind is needed, as the AI boom could boost productivity and deliver disinflationary effects, helping inflation return to the Fed’s target level. He added that he believes Kevin Warsh will choose the optimal path that meets both the Fed’s inflation and growth mandates. Bessent also noted that Warsh previously took a hawkish stance on inflation.
6 hours ago
US stocks' intraday storage sector sees broad declines, with Western Digital and Seagate Technology both falling over 4%.
According to Bitget data, during U.S. stock trading hours, the storage sector saw broad declines: Western Digital (WDC) fell 4.47%, Seagate Technology (STX) dropped 4.17%, SanDisk (SNDK) declined 2.31%, and Micron Technology (MU) edged down 0.96%. Most optical communication concept stocks rose, with Corning (GLW) leading the gains at 9.75%, followed by Ciena (CIEN) up 3.24%, Coherent (COHR) rising 2.93%, Lumentum (LITE) gaining 2.61%, and Nokia (NOK) advancing 1.82%. Additionally, Marvell Technology (MRVL) fell 2.59% and Applied Optoelectronics (AAOI) declined 1.90%.
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During intraday trading in U.S. stocks, crypto-related concept stocks fell broadly, with MSTR dropping more than 7%.
According to Bitget market data, the three major U.S. stock indexes rose broadly: the Dow Jones Industrial Average gained 0.94%, the S&P 500 increased 0.60%, and the Nasdaq rose 0.63%. Crypto-related stocks fell across the board, with declines as follows: Strategy (MSTR) down 7.33%; Circle (CRCL) down 4.35%; Bitmine (BMNR) down 3.97%; Coinbase (COIN) down 3.73%; Robinhood (HOOD) down 3.70%; Gemini (GEMI) down 3.27%; Bullish (BLSH) down 3.25%; Sharplink (SBET) down 3.19%.
PANews reported on November 3rd that Radiant Capital posted on its X platform: "Reports indicate a security vulnerability in certain Balancer V2 liquidity pools. Radiant is working closely with Balancer contributors and security partners to actively monitor the situation. Based on current information, the issue is limited to specific versions of liquidity pools not used by Radiant. As a precaution, it is recommended to temporarily avoid interaction with dLPs (such as Zapping) and suspend the use of Balancer liquidity pools on Arbitrum and the Ethereum mainnet until further confirmation is received. Deposits within the Radiant platform remain safe, and markets on the Base and BNB chains continue to operate normally. More updates will be released after a full assessment of the situation."
Rubio: US and Iran to continue technical consultations at the end of this month
Multiple foreign media outlets reported on the 24th that US Secretary of State Rubio said technical teams from the United States and Iran will hold further talks in Switzerland by the end of June. (Xinhua News Agency)
6 hours ago
Over the past 24 hours, total crypto market liquidations hit $606 million, with more than 130,000 traders liquidated.
According to Coinglass data, the global cryptocurrency market recorded $606 million in liquidations over the past 24 hours, including $542 million in long-position liquidations and $68.22 million in short-position liquidations. A total of 135,785 traders worldwide were liquidated in the same period, with the largest single liquidation order occurring on Binance’s BTCUSDT trading pair, valued at $12.0111 million.
6 hours ago
Bitcoin falls below $60,000
According to HTX market data, Bitcoin has fallen below $60,000, with a 4.3% drop in the past 24 hours.
6 hours ago
US Treasury Secretary: AI boom may boost productivity and help curb inflation.
US Treasury Secretary Bessent told CNBC in an interview that he hopes the Federal Reserve will remain "open-minded" about the inflation pattern after the reversal of Iran-related energy price hikes. Bessent noted that the U.S. could enter an economic environment marked by high GDP growth without a corresponding rise in traditional inflation. He cited that in the 1990s, Alan Greenspan foresaw that office modernization and the internet could drive non-inflationary growth, and allowed the economy to keep expanding. Bessent believes the U.S. has a strong chance of seeing a similar scenario again. When asked whether the Fed still needs to worry about potential inflation and whether interest rate cuts are possible this year or next, Bessent declined to comment. However, he argued that it is necessary to stay open-minded about the price or inflation impacts from the Iran conflict, and monitor inflation performance after those effects subside. Bessent also said an open mind is needed, as the AI boom could boost productivity and deliver disinflationary effects, helping inflation return to the Fed’s target level. He added that he believes Kevin Warsh will choose the optimal path that meets both the Fed’s inflation and growth mandates. Bessent also noted that Warsh previously took a hawkish stance on inflation.
6 hours ago
US stocks' intraday storage sector sees broad declines, with Western Digital and Seagate Technology both falling over 4%.
According to Bitget data, during U.S. stock trading hours, the storage sector saw broad declines: Western Digital (WDC) fell 4.47%, Seagate Technology (STX) dropped 4.17%, SanDisk (SNDK) declined 2.31%, and Micron Technology (MU) edged down 0.96%. Most optical communication concept stocks rose, with Corning (GLW) leading the gains at 9.75%, followed by Ciena (CIEN) up 3.24%, Coherent (COHR) rising 2.93%, Lumentum (LITE) gaining 2.61%, and Nokia (NOK) advancing 1.82%. Additionally, Marvell Technology (MRVL) fell 2.59% and Applied Optoelectronics (AAOI) declined 1.90%.
6 hours ago
During intraday trading in U.S. stocks, crypto-related concept stocks fell broadly, with MSTR dropping more than 7%.
According to Bitget market data, the three major U.S. stock indexes rose broadly: the Dow Jones Industrial Average gained 0.94%, the S&P 500 increased 0.60%, and the Nasdaq rose 0.63%. Crypto-related stocks fell across the board, with declines as follows: Strategy (MSTR) down 7.33%; Circle (CRCL) down 4.35%; Bitmine (BMNR) down 3.97%; Coinbase (COIN) down 3.73%; Robinhood (HOOD) down 3.70%; Gemini (GEMI) down 3.27%; Bullish (BLSH) down 3.25%; Sharplink (SBET) down 3.19%.
YZi Labs transferred 87.5 million RDNT to Binance, equivalent to approximately $470,000.
PANews reported on March 24 that, according to on-chain analyst Yu Jin, YZi Labs transferred 87.5 million RDNT (US$470,000) to Binance just over ten minutes ago.
YZi Labs, as an investor in Radiant, acquired these RDNT tokens through vesting unlocks over the past two years. These tokens were valued at $3.86 million at the time of unlocking; they are now worth only $470,000.
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US Three Major Indexes Mixed, HOOD Down Over 6.11%
Rubio: US and Iran to continue technical consultations at the end of this month
Multiple foreign media outlets reported on the 24th that US Secretary of State Rubio said technical teams from the United States and Iran will hold further talks in Switzerland by the end of June. (Xinhua News Agency)
6 hours ago
Over the past 24 hours, total crypto market liquidations hit $606 million, with more than 130,000 traders liquidated.
According to Coinglass data, the global cryptocurrency market recorded $606 million in liquidations over the past 24 hours, including $542 million in long-position liquidations and $68.22 million in short-position liquidations. A total of 135,785 traders worldwide were liquidated in the same period, with the largest single liquidation order occurring on Binance’s BTCUSDT trading pair, valued at $12.0111 million.
6 hours ago
Bitcoin falls below $60,000
According to HTX market data, Bitcoin has fallen below $60,000, with a 4.3% drop in the past 24 hours.
6 hours ago
US Treasury Secretary: AI boom may boost productivity and help curb inflation.
US Treasury Secretary Bessent told CNBC in an interview that he hopes the Federal Reserve will remain "open-minded" about the inflation pattern after the reversal of Iran-related energy price hikes. Bessent noted that the U.S. could enter an economic environment marked by high GDP growth without a corresponding rise in traditional inflation. He cited that in the 1990s, Alan Greenspan foresaw that office modernization and the internet could drive non-inflationary growth, and allowed the economy to keep expanding. Bessent believes the U.S. has a strong chance of seeing a similar scenario again. When asked whether the Fed still needs to worry about potential inflation and whether interest rate cuts are possible this year or next, Bessent declined to comment. However, he argued that it is necessary to stay open-minded about the price or inflation impacts from the Iran conflict, and monitor inflation performance after those effects subside. Bessent also said an open mind is needed, as the AI boom could boost productivity and deliver disinflationary effects, helping inflation return to the Fed’s target level. He added that he believes Kevin Warsh will choose the optimal path that meets both the Fed’s inflation and growth mandates. Bessent also noted that Warsh previously took a hawkish stance on inflation.
6 hours ago
US stocks' intraday storage sector sees broad declines, with Western Digital and Seagate Technology both falling over 4%.
According to Bitget data, during U.S. stock trading hours, the storage sector saw broad declines: Western Digital (WDC) fell 4.47%, Seagate Technology (STX) dropped 4.17%, SanDisk (SNDK) declined 2.31%, and Micron Technology (MU) edged down 0.96%. Most optical communication concept stocks rose, with Corning (GLW) leading the gains at 9.75%, followed by Ciena (CIEN) up 3.24%, Coherent (COHR) rising 2.93%, Lumentum (LITE) gaining 2.61%, and Nokia (NOK) advancing 1.82%. Additionally, Marvell Technology (MRVL) fell 2.59% and Applied Optoelectronics (AAOI) declined 1.90%.
6 hours ago
During intraday trading in U.S. stocks, crypto-related concept stocks fell broadly, with MSTR dropping more than 7%.
According to Bitget market data, the three major U.S. stock indexes rose broadly: the Dow Jones Industrial Average gained 0.94%, the S&P 500 increased 0.60%, and the Nasdaq rose 0.63%. Crypto-related stocks fell across the board, with declines as follows: Strategy (MSTR) down 7.33%; Circle (CRCL) down 4.35%; Bitmine (BMNR) down 3.97%; Coinbase (COIN) down 3.73%; Robinhood (HOOD) down 3.70%; Gemini (GEMI) down 3.27%; Bullish (BLSH) down 3.25%; Sharplink (SBET) down 3.19%.
PANews reported on April 5th that Drift released an updated investigation into the attack, indicating that the operation was carried out by the same threat actors as the Radiant Capital hack in October 2024, with highly similar on-chain fund flows and operational methods. Mandiant attributed the Radiant Capital hack to UNC4736, an organization linked to the North Korean government.
Furthermore, this attack was meticulously planned over six months. Starting in the fall of 2025, a group posing as a "quantitative trading company" proactively contacted Drift contributors at multiple international crypto conferences. They established a Telegram group and engaged in in-depth business discussions and strategy exchanges for six months, even launching an Ecosystem Vault on Drift with $1 million in real funds. After multiple face-to-face meetings to build trust, they shared links and tools, ultimately seemingly completing the intrusion through a malicious code repository and a beta wallet app (TestFlight). Following the attack, all related chat logs and malware were thoroughly removed.
The investigation is ongoing, and these findings are preliminary. All remaining protocol functionality has been frozen, and the compromised wallet has been removed from multi-signature authentication. The attacker's wallet has been flagged by exchanges and cross-chain bridge operators.
Previous reports indicated that Drift suffered losses exceeding $285 million in the attack.
Drift Protocol said the April 1 attack on its platform followed months of planning and social engineering.
Summary
Drift said attackers spent six months building trust before using malicious tools to breach contributor devices. The exchange linked the exploit with medium-high confidence to actors behind Radiant Capital’s October 2024 hack. Drift said repeated in-person contact at crypto events helped attackers study contributors and gain access. The decentralized exchange linked the case to a group that spent time building trust with contributors before sending malicious tools and links. External estimates put the loss at about $280 million.
Drift Protocol said its early review found a long and organized campaign against the platform. The team said the attackers showed “organizational backing, resources, and months of deliberate preparation” during the operation.
The exchange said the contact began around October 2025. According to Drift, people posing as members of a quantitative trading firm approached contributors at a major crypto conference and claimed they wanted to integrate with the protocol.
In-person meetings built trust over time Drift said the group kept meeting contributors at several industry events over the next six months. The team said the people involved were technically skilled, knew how Drift worked, and appeared to have real professional backgrounds.
That steady contact helped the group gain trust. Drift said the attackers later used malicious links and tools shared with contributors to compromise devices, carry out the exploit, and remove traces of their activity after the breach.
In addition, Drift said it has “medium-high confidence” that the same actors behind the October 2024 Radiant Capital hack carried out this exploit. That earlier attack caused losses of about $58 million and also involved malware used to gain access to internal systems.
Radiant Capital said in December 2024 that a North Korea-aligned hacker posed as a former contractor and sent malware through Telegram. Radiant said “this ZIP file” later spread among developers for feedback and opened the way for the intrusion.
Drift warns conferences can become attack targets Drift said the people who met contributors in person “were not North Korean nationals.” At the same time, the team said DPRK-linked threat actors often use third-party intermediaries for face-to-face contact and relationship building.
The exchange said it is now working with law enforcement and other crypto industry participants to build a full record of the April 1 attack.
The case has also added a fresh warning for crypto firms, as conferences and in-person meetings can give threat groups a chance to study teams, build trust, and prepare later attacks.
PANews reported on June 1st that, according to an official announcement from Radiant Capital, after 18 months of efforts following a hack in October 2024, Radiant Capital DAO has decided to enter an orderly exit phase due to its inability to effectively recover funds and lack of new capital and operating funds, rendering it unsustainable. The protocol frontend and on-chain contracts will remain open, allowing users to still withdraw, repay, and manage positions, but there will be no further feature iterations, upgrades, or expansions. The lending limit will be zeroed, RDNT token incentives will cease, and vault funds will only be used for essential operations. The team will shift its focus to user security, fund recovery, and the orderly liquidation of the protocol. The recovery portal and on-chain tracking will continue, and any recovered assets will be returned to affected users as planned.
Rubio: US and Iran to continue technical consultations at the end of this month
Multiple foreign media outlets reported on the 24th that US Secretary of State Rubio said technical teams from the United States and Iran will hold further talks in Switzerland by the end of June. (Xinhua News Agency)
6 hours ago
Over the past 24 hours, total crypto market liquidations hit $606 million, with more than 130,000 traders liquidated.
According to Coinglass data, the global cryptocurrency market recorded $606 million in liquidations over the past 24 hours, including $542 million in long-position liquidations and $68.22 million in short-position liquidations. A total of 135,785 traders worldwide were liquidated in the same period, with the largest single liquidation order occurring on Binance’s BTCUSDT trading pair, valued at $12.0111 million.
6 hours ago
Bitcoin falls below $60,000
According to HTX market data, Bitcoin has fallen below $60,000, with a 4.3% drop in the past 24 hours.
6 hours ago
US Treasury Secretary: AI boom may boost productivity and help curb inflation.
US Treasury Secretary Bessent told CNBC in an interview that he hopes the Federal Reserve will remain "open-minded" about the inflation pattern after the reversal of Iran-related energy price hikes. Bessent noted that the U.S. could enter an economic environment marked by high GDP growth without a corresponding rise in traditional inflation. He cited that in the 1990s, Alan Greenspan foresaw that office modernization and the internet could drive non-inflationary growth, and allowed the economy to keep expanding. Bessent believes the U.S. has a strong chance of seeing a similar scenario again. When asked whether the Fed still needs to worry about potential inflation and whether interest rate cuts are possible this year or next, Bessent declined to comment. However, he argued that it is necessary to stay open-minded about the price or inflation impacts from the Iran conflict, and monitor inflation performance after those effects subside. Bessent also said an open mind is needed, as the AI boom could boost productivity and deliver disinflationary effects, helping inflation return to the Fed’s target level. He added that he believes Kevin Warsh will choose the optimal path that meets both the Fed’s inflation and growth mandates. Bessent also noted that Warsh previously took a hawkish stance on inflation.
6 hours ago
US stocks' intraday storage sector sees broad declines, with Western Digital and Seagate Technology both falling over 4%.
According to Bitget data, during U.S. stock trading hours, the storage sector saw broad declines: Western Digital (WDC) fell 4.47%, Seagate Technology (STX) dropped 4.17%, SanDisk (SNDK) declined 2.31%, and Micron Technology (MU) edged down 0.96%. Most optical communication concept stocks rose, with Corning (GLW) leading the gains at 9.75%, followed by Ciena (CIEN) up 3.24%, Coherent (COHR) rising 2.93%, Lumentum (LITE) gaining 2.61%, and Nokia (NOK) advancing 1.82%. Additionally, Marvell Technology (MRVL) fell 2.59% and Applied Optoelectronics (AAOI) declined 1.90%.
6 hours ago
During intraday trading in U.S. stocks, crypto-related concept stocks fell broadly, with MSTR dropping more than 7%.
According to Bitget market data, the three major U.S. stock indexes rose broadly: the Dow Jones Industrial Average gained 0.94%, the S&P 500 increased 0.60%, and the Nasdaq rose 0.63%. Crypto-related stocks fell across the board, with declines as follows: Strategy (MSTR) down 7.33%; Circle (CRCL) down 4.35%; Bitmine (BMNR) down 3.97%; Coinbase (COIN) down 3.73%; Robinhood (HOOD) down 3.70%; Gemini (GEMI) down 3.27%; Bullish (BLSH) down 3.25%; Sharplink (SBET) down 3.19%.
Radiant says its frontend and smart contracts will remain accessible and users will still be able to withdraw, repay, and manage their positions.
Crypto lending protocol Radiant Capital says it will start closing down as it failed to establish a “viable path forward” after North Korea exploited it for $50 million in October 2024.
Radiant’s decentralized autonomous organization said in a blog post on Monday that its inability to recover the stolen funds, secure new capital and maintain a runway to continue operating responsibly forced it to wind down.
It added on X that contributors and community members had helped maintain the protocol under “increasingly difficult conditions,” but it was not enough to sustain the protocol “without recovery, capital, or growth.”
Source: Radiant Capital
Radiant launched in 2022 and aimed to be a single platform to bring liquidity to several blockchains. It rapidly expanded in 2023, with its total value locked soaring to a high of $386.8 million in December 2023 even as value locked across the crypto market fell.
North Korea’s Lazarus Group exploited Radiant in October 2024, and its TVL fell to $75 million before collapsing further to $5 million within the month after the hack, which it never recovered from.
Radiant not fully shutting downRadiant said that instead of fully shutting down, it will transition into a “maintenance state,” where the protocol’s frontend will stay online, its smart contracts will remain accessible and users will be able to withdraw, repay, and manage their positions.
However, its decentralized autonomous organization will no longer contribute to development, upgrades or expansions.
“Users are encouraged to actively manage risk and reduce exposure,” it said.
Source: Radiant Capital
Radiant said it would continue recovery efforts stemming from the hack by keeping its remediation portal open and returning any recovered funds to affected users.
The Radiant Capital (RDNT) token fell 4.2% after sharing that it was winding down. The token hit an all-time high of 58 cents in September 2022, but is now trading for a fraction of a cent.
Magazine: AI-driven hacks could kill DeFi — unless projects act now
Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.
Rubio: US and Iran to continue technical consultations at the end of this month
Multiple foreign media outlets reported on the 24th that US Secretary of State Rubio said technical teams from the United States and Iran will hold further talks in Switzerland by the end of June. (Xinhua News Agency)
6 hours ago
Over the past 24 hours, total crypto market liquidations hit $606 million, with more than 130,000 traders liquidated.
According to Coinglass data, the global cryptocurrency market recorded $606 million in liquidations over the past 24 hours, including $542 million in long-position liquidations and $68.22 million in short-position liquidations. A total of 135,785 traders worldwide were liquidated in the same period, with the largest single liquidation order occurring on Binance’s BTCUSDT trading pair, valued at $12.0111 million.
6 hours ago
Bitcoin falls below $60,000
According to HTX market data, Bitcoin has fallen below $60,000, with a 4.3% drop in the past 24 hours.
6 hours ago
US Treasury Secretary: AI boom may boost productivity and help curb inflation.
US Treasury Secretary Bessent told CNBC in an interview that he hopes the Federal Reserve will remain "open-minded" about the inflation pattern after the reversal of Iran-related energy price hikes. Bessent noted that the U.S. could enter an economic environment marked by high GDP growth without a corresponding rise in traditional inflation. He cited that in the 1990s, Alan Greenspan foresaw that office modernization and the internet could drive non-inflationary growth, and allowed the economy to keep expanding. Bessent believes the U.S. has a strong chance of seeing a similar scenario again. When asked whether the Fed still needs to worry about potential inflation and whether interest rate cuts are possible this year or next, Bessent declined to comment. However, he argued that it is necessary to stay open-minded about the price or inflation impacts from the Iran conflict, and monitor inflation performance after those effects subside. Bessent also said an open mind is needed, as the AI boom could boost productivity and deliver disinflationary effects, helping inflation return to the Fed’s target level. He added that he believes Kevin Warsh will choose the optimal path that meets both the Fed’s inflation and growth mandates. Bessent also noted that Warsh previously took a hawkish stance on inflation.
6 hours ago
US stocks' intraday storage sector sees broad declines, with Western Digital and Seagate Technology both falling over 4%.
According to Bitget data, during U.S. stock trading hours, the storage sector saw broad declines: Western Digital (WDC) fell 4.47%, Seagate Technology (STX) dropped 4.17%, SanDisk (SNDK) declined 2.31%, and Micron Technology (MU) edged down 0.96%. Most optical communication concept stocks rose, with Corning (GLW) leading the gains at 9.75%, followed by Ciena (CIEN) up 3.24%, Coherent (COHR) rising 2.93%, Lumentum (LITE) gaining 2.61%, and Nokia (NOK) advancing 1.82%. Additionally, Marvell Technology (MRVL) fell 2.59% and Applied Optoelectronics (AAOI) declined 1.90%.
6 hours ago
During intraday trading in U.S. stocks, crypto-related concept stocks fell broadly, with MSTR dropping more than 7%.
According to Bitget market data, the three major U.S. stock indexes rose broadly: the Dow Jones Industrial Average gained 0.94%, the S&P 500 increased 0.60%, and the Nasdaq rose 0.63%. Crypto-related stocks fell across the board, with declines as follows: Strategy (MSTR) down 7.33%; Circle (CRCL) down 4.35%; Bitmine (BMNR) down 3.97%; Coinbase (COIN) down 3.73%; Robinhood (HOOD) down 3.70%; Gemini (GEMI) down 3.27%; Bullish (BLSH) down 3.25%; Sharplink (SBET) down 3.19%.
Radiant says its frontend and smart contracts will remain accessible and users will still be able to withdraw, repay, and manage their positions.
Crypto lending protocol Radiant Capital says it will start closing down as it failed to establish a “viable path forward” after North Korea exploited it for $50 million in October 2024.
Radiant’s decentralized autonomous organization said in a blog post on Monday that its inability to recover the stolen funds, secure new capital and maintain a runway to continue operating responsibly forced it to wind down.
It added on X that contributors and community members had helped maintain the protocol under “increasingly difficult conditions,” but it was not enough to sustain the protocol “without recovery, capital, or growth.”
Source: Radiant Capital
Radiant launched in 2022 and aimed to be a single platform to bring liquidity to several blockchains. It rapidly expanded in 2023, with its total value locked soaring to a high of $386.8 million in December 2023 even as value locked across the crypto market fell.
North Korea’s Lazarus Group exploited Radiant in October 2024, and its TVL fell to $75 million before collapsing further to $5 million within the month after the hack, which it never recovered from.
Radiant not fully shutting downRadiant said that instead of fully shutting down, it will transition into a “maintenance state,” where the protocol’s frontend will stay online, its smart contracts will remain accessible and users will be able to withdraw, repay, and manage their positions.
However, its decentralized autonomous organization will no longer contribute to development, upgrades or expansions.
“Users are encouraged to actively manage risk and reduce exposure,” it said.
Source: Radiant Capital
Radiant said it would continue recovery efforts stemming from the hack by keeping its remediation portal open and returning any recovered funds to affected users.
The Radiant Capital (RDNT) token fell 4.2% after sharing that it was winding down. The token hit an all-time high of 58 cents in September 2022, but is now trading for a fraction of a cent.
Magazine: AI-driven hacks could kill DeFi — unless projects act now
Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.
Radiant Capital, a crypto lending protocol, has announced it will gradually wind down operations after losing $50 million in an attack linked to North Korea in October 2024. The platform stated it no longer sees a sustainable path forward and has entered the closure process.
No recovery after the attackRadiant’s decentralized autonomous organization (DAO) published a blog post on Monday declaring the decision to shut down. The DAO cited the inability to recover stolen assets, failure to secure new capital, and a lack of financial flexibility to operate responsibly as key reasons for liquidation.
Despite increasing challenges, Radiant’s team noted that ongoing contributions from community members helped keep the system afloat, but without recovery, new capital, or growth, these efforts were ultimately not enough to ensure sustainability.
Radiant Capital launched in 2022 with the goal of aggregating liquidity from multiple blockchains on a single platform. The protocol experienced rapid growth throughout 2023, with total value locked (TVL) soaring to $386.8 million by December. This surge happened even as TVL figures elsewhere in the crypto market were declining.
Glossary: The Lazarus Group is a cybercriminal syndicate reportedly linked to North Korea, well-known in international security circles. In recent years, they have gained notoriety for high-profile attacks targeting crypto platforms and are frequently mentioned in blockchain security reports.
Protocol will not be fully decommissionedRadiant clarified that the system will not be fully shut down but will instead enter a maintenance mode. The user interface will remain online, access to smart contracts will continue, and users can withdraw assets, repay loans, and manage current positions.
However, the DAO will cease to provide development, updates, or expansion. Protocol managers advised users to monitor risks closely and manage open positions with caution.
Sharp drop in TVL and token priceFollowing the October 2024 hack by the Lazarus Group, Radiant’s total value locked rapidly fell to $75 million, and within the same month, plunged further to $5 million. After these losses, the protocol was unable to regain former levels.
The company stated that recovery efforts launched after the attack will continue. The recovery portal will remain open and any reclaimed funds will be distributed to affected users.
Radiant Capital’s native token, RDNT, dropped in value by 4.2% following the closure announcement. RDNT had reached an all-time high of $0.58 in September 2022, but now trades at only a small fraction of that price.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Radiant Capital has announced plans to wind down operations after failing to recover from a $50 million exploit that devastated the lending protocol and left it without sufficient funding to continue.
Summary
Radiant Capital said it will wind down operations after failing to recover from a $50 million exploit and secure new funding. The protocol will remain online in a maintenance state, allowing users to withdraw funds and manage positions while development work ends. Investigations linked the 2024 attack to North Korea-aligned threat actors, while recovery efforts were hindered after portions of the stolen funds moved through Tornado Cash. According to a statement published Monday by Radiant’s decentralized autonomous organization, the protocol could no longer identify a viable route forward after unsuccessful attempts to recover stolen assets, raise fresh capital, and maintain the resources needed to operate responsibly.
In a separate update shared on X, the DAO said contributors and community members had continued supporting the platform under increasingly challenging circumstances. The organization stated that without recovered funds, new investment, or renewed growth, the protocol could not remain sustainable.
The decision closes a difficult chapter for a project that once ranked among the largest cross-chain lending platforms.
Launched in 2022, Radiant sought to unify liquidity across multiple blockchains and grew rapidly during 2023. Data from the protocol shows its total value locked reached $386.8 million in December 2023.
Fortunes changed sharply after an October 2024 exploit that security researchers and later investigations linked to North Korean threat actors. Following the breach, Radiant’s total value locked fell to roughly $75 million and dropped to about $5 million within weeks, according to protocol data.
Recovery efforts failed to restore the protocol While operations are being scaled back, Radiant said the protocol will not disappear entirely. Instead, it will move into what it described as a maintenance state.
Under that arrangement, the frontend will remain online, smart contracts will stay accessible, and users will still be able to withdraw assets, repay loans, and manage existing positions. Development work, protocol upgrades, and expansion efforts, however, will cease as DAO contributors step away from active operations.
Radiant also urged users to manage their exposure carefully while the protocol enters its final phase.
Remaining recovery initiatives connected to the hack will continue. The DAO said its remediation portal will stay open and any assets recovered in the future will be returned to affected users.
Previous recovery efforts have produced limited results. In October 2025, blockchain security firm CertiK reported that wallets linked to the attacker deposited 2,834 ETH into Tornado Cash after moving funds through multiple addresses and swaps involving DAI.
CertiK estimated that approximately $10.8 million worth of Ethereum had already been laundered through the mixer, complicating efforts to trace and recover the stolen assets.
North Korea-linked attack became a turning point Radiant said in December 2024 that an attacker posing as a former contractor distributed malware through Telegram. According to the protocol, a malicious ZIP file circulated among developers for feedback, creating an entry point that ultimately led to the compromise.
A post-mortem investigation from cybersecurity firm Mandiant later linked the incident to the AppleJeus hacking group, which it identified as part of North Korea’s cyber ecosystem.
According to Mandiant, the attackers gained control of three of Radiant’s eleven multisig signer permissions and replaced the lending pool’s implementation contract, allowing them to steal approximately $53 million from the Arbitrum and BNB Chain deployments.
The tactics used in the attack later surfaced in other major crypto incidents. In April 2026, Drift Protocol said it had medium-high confidence that the same actors behind the Radiant breach were responsible for a separate exploit against its platform. Drift’s investigation concluded that the group spent months building trust with contributors through conference meetings and professional contacts before deploying malicious tools and links.
Market reaction to Radiant’s closure announcement remained negative. The protocol’s RDNT token fell 4.2% after the news.
Radiant Capital (RDNT), a decentralized finance lending protocol, announced Monday it is shutting down, nearly two years after hackers drained $50 million from the platform in a sophisticated malware attack.
The protocol, which operated cross-chain lending across multiple networks, was compromised in October 2024 when attackers used a “highly advanced malware injection” to breach multiple developers’ hardware wallets.
The front-end of Safe {Wallet} displayed legitimate transaction data while poisoned transactions were executed in the background, with the breach occurring during a routine multi-signature emissions adjustment process.
According to Radiant Capital’s post-mortem:
“The devices were compromised in such a way that the front-end of Safe {Wallet} (f.k.a. Gnosis Safe) displayed legitimate transaction data while poisoned transactions were signed and executed in the background. This breach occurred during a routine multi-signature emissions adjustment process, which takes place periodically to adapt to market conditions and utilization rates.”
Radiant worked with US law enforcement and web3 security firm zeroShadow to attempt to freeze the stolen assets. The effort had limited success. Onchain data tracked by analytics firm Lookonchain showed the hacker converted the stolen funds into approximately 21,957 Ethereum (ETH), then began selling in August 2025 at an average price of $4,562 per coin, recording a 93.5% profit on the loot.
The native RDNT token was trading at $0.022 as of August 2025.
