Radiant Capital lost more than $50 million after the exploiter obtained three signers for the multisig wallet that controlled the lending protocol, raising serious concerns about the use of multisig systems in blockchain protocols.

The exploit used the transferFrom function of Radiant Capital’s smart contract to compromise the private keys to its multi-sig wallet.

Lending protocol Radiant Capital was reportedly hit with a cyberattack that targeted its contracts on BNB Chain and Arbitrum. The incident resulted in the loss of over $50 million from its DeFi platform, with over $32 million drained from Arbitrum and around $18 million from BNB Chain.

Exploited Radiant Capital contracts drained over $50 million worth of crypto on Wednesday. The attacker would have needed access to at least three multi-sig keys

Radiant Capital faces a $51 million exploit on Arbitrum and BNB Chain, impacting funds across both platforms. Get details on the breach and its implications for users.