Radiant Capital to cease operations

DeFi protocol Radiant Capital (RDNT) announced through its official channels that it is beginning the process of ceasing operations. Radiant stated that after 18 months of recovery efforts following a hacking incident in October 2024, it had failed to recover the funds or attract new capital. "The conditions to operate the protocol responsibly no longer exist," the team said. As a result, the protocol will transition into a maintenance mode. Its front-end will remain operational, and its smart contracts will be maintained on-chain, allowing users to continue withdrawing deposits, repaying loans, and managing their positions. The recovery portal for victims will also stay active, with any future recovered assets to be returned to affected users. Radiant Capital suffered a $53 million exploit in October 2024. According to CoinMarketCap, RDNT is currently trading at $0.001465, down 3.65%.