Key facts
- Radiant Capital is winding down operations after a $50 million exploit in October 2024.
- A North Korean state hacking group is attributed to the Radiant Capital exploit.
- Radiant Capital's total value locked has fallen to approximately $2.21 million.
- A white hat hacker recovered $2 million in ETH from a faulty 2016 HongCoin ICO contract.
- The recovered ETH was locked for nine years due to a smart contract bug.
- Ethena is partnering with Anchorage Digital for institutional crypto lending.
- Sui mainnet experienced three outages on May 28-29 due to a gas bug and a randomness-state fault.
- 0x Protocol has opened its Cross-Chain API to all developers.
- 0x Protocol has routed $180 billion in swap volume.
- Sky has launched a fixed-rate yield product on Pendle.
- The Sky product allows users to lock in a set return to a specific maturity date.
Radiant Capital is winding down its operations in the wake of a significant $50 million exploit that occurred in October 2024. The hack has been attributed to a North Korean state-sponsored hacking group. Following the incident, the protocol's total value locked (TVL) has seen a dramatic decrease, now standing at approximately $2.21 million. Its market capitalization has also fallen below the $2 million mark. Despite the shutdown of operations, the core functionalities for users to manage their positions and withdraw their assets will continue to be accessible.
In a separate incident, a white hat hacker successfully recovered approximately $2 million worth of Ether (ETH) that was locked within a faulty 2016 HongCoin Initial Coin Offering (ICO) smart contract. A bug in the contract had prevented 48 original investors from accessing their funds for a period of nine years. The hacker utilized an integer overflow vulnerability to unlock the trapped Ether, making it available for the original investors to claim.
Meanwhile, Ethena has announced a strategic partnership with Anchorage Digital to bolster its institutional crypto lending operations. Anchorage's Atlas platform will be instrumental in managing collateral and loan thresholds in real time. This collaboration will enable Ethena to facilitate lending activities without requiring the full on-chain movement of collateral, while adhering to regulated custody standards.
The Sui Foundation has identified the root causes behind three mainnet outages that occurred on May 28-29. The issues stemmed from a gas-charging bug introduced in the v1.72 upgrade, coupled with a separate fault related to the randomness state. The initial two network halts were directly linked to the gas bug, while the third outage was caused by the exposed randomness-state fault.
0x Protocol, known for its decentralized exchange (DEX) aggregation services and having routed a substantial $180 billion in swap volume, has now made its Cross-Chain API generally available to all developers. The API launches with twelve bridge providers integrated from the outset, including prominent names like Circle, Chainlink, and USDT0, allowing for cross-chain interactions through a single API call.
Lastly, Sky, the protocol responsible for the USDS stablecoin, has introduced a new fixed-yield product. This product leverages Pendle's yield-tokenization infrastructure, enabling depositors to secure a predetermined rate of return until a specific maturity date. The new fixed-yield product is now live and available for use.