2024-1-24 21:36 |
Radiant Capital announced on Tuesday that it has completed an “initial bad debt repayment” of 1,190 Ethereum (ETH) following the January 2 flash loan exploit that saw the cross-chain lending protocol drained of over $4.5 million.
An update the blockchain protocol posted on its official X account earlier today says the platform’s repayment of the $2.65 million worth of ETH leaves it with about 720 ETH (worth $1.6 million) of bad debt to repay.
Radiant will look to repay the 720 ETH over the next three months, with this done as outlined in the recently adopted governance proposal RFP-27. According to the update shared on X, the protocol may also leverage DAO reserve funds should “liquidity become available sooner.”
Per RFP-27, the initial bad debt repayment of 1190 ETH has been successful, leaving approximately 720 ETH remaining.
The remaining bad debt will be paid off over the next ~90 days through the use of the OpEX funds per RFP-27, with the ability to leverage DAO reserve funds if… https://t.co/7I4bRNcpT9
The early January flash loan attack targeted native USDC market on the Arbitrum chain and saw the attacker accumulate bad debt with unauthorized borrowing. On January 8, the Radiant Capital community voted for RFP-27, allowing for the use of Radiant DAO Treasury and operating funds to repay the debt.
According to details in the RFP-27 introduced on January 5, 2024, there’s possibility for DAO to be reimbursed via RDNT token sales conducted over a year.
Meanwhile, Radiant has offered a $100,000 bounty as an incentive to blockchain sleuths as it tries to unmask the identity of the exploiter. The bounty is available in conjunction with Arkham Intel.
Investigations around the exploit are also ongoing, with Chainalysis, crypto exchanges and law enforcement involved.
The post Radiant Capital repays 1,190 ETH in bad debt following $4.5M exploit appeared first on Invezz
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