Radiant Capital is winding down after a $50 million hack in 2024. Users can still withdraw funds safely.
Radiant Capital is shutting down. The DeFi lending protocol announced that its DAO will begin a gradual wind-down after failing to recover from a major hack. The October 2024 exploit siphoned over $50 million from the platform and the protocol never bounced back.
The team tried for 18 months to get back on track. They sought out additional financing. They did their best to get the growth back. Nothing worked. The DAO ultimately decided there was no way forward.
What Happened to Radiant Capital?
More than $50 million was stolen from users of Radiant Capital in October 2024. This was a terrible blow to the protocol.
Radiant Capital to Wind Down Operations After Failing to Recover From $50 Million Exploit
Radiant Capital announced that its DAO will begin a gradual wind-down after failing to recover from the October 2024 exploit, secure new financing, or restore growth. The protocol will… pic.twitter.com/PMsHglRsbO
— Wu Blockchain (@WuBlockchain) June 1, 2026
The team and community continued to fight to recover from the attack. Further, they traced the stolen money. However, after a year and a half of work, there was no significant improvement. No new funds were introduced. The team was no longer able to continue its responsible operations. Radiant isn’t going away anytime soon. The protocol is moving into a maintenance state instead.
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The front end will remain active. Smart contracts will remain on-chain. Users are still able to withdraw money, repay loans and manage their positions. Now, the focus is solely on assisting users to exit safely and on continuing recovery efforts.
What Changes Right Away?
There are several things that are haltinging the instant. The team is putting all active development on hold. They are reducing the amount of borrowing and discontinuing RDNT token emissions. They are cutting back on the spending of treasury funds to only what is necessary for the operations of the business.
No new upgrades, no new features and no new markets. The development chapter of Radiant Capital has been closed.
What Happens to Recovery Efforts?
The wind-down is not the end of recovery efforts. The team made it abundantly clear.
The remediation portal will remain active. The stolen money is being tracked forensically. If the team is able to recover any money, they will be returned directly to users affected by the team. In cases like this, recovery is not always possible and will take time. However, the team states that the process is still ongoing.
The team is calling on all users to take action. Users should log in, check their positions and minimize their exposure as soon as possible.
The protocol is still safe to use when exiting. Smart contracts are still on-chain and users can access their funds. But given the wind-down, users should not leave their positions unmanaged.
What Does This Mean for the DeFi Industry?
Radiant Capital’s collapse is a hard reminder of the risks in decentralized finance. One exploit destroyed so much value that an entire protocol became unfeasible. With a dedicated staff and a loyal community, the damage was just too much to overcome.
This was recognized directly by the team. This was not what they were aiming for, they said. But they also said all that could be done was done to keep the protocol alive and to protect users.
What remains of Radiant Capital is its on-chain infrastructure, its support channels, and the lessons the industry can take from its experience. The protocol sunset is not a result of the team’s decision to stop playing, but the fact that the conditions that allow for responsible operation no longer exist.