Blockchain security firms said the issue was caused by a “known rounding issue” in the codebase.
Cross-chain lending protocol Radiant Capital has paused its lending and borrowing markets on Arbitrum after receiving reports of a $4.5 million exploit affecting one of its newly created USDC Coin (USDC) markets.
“Today, we received a report of an issue with the newly created native USDC market on Arbitrum,” said Radiant in a Jan. 3 post on X (formerly Twitter), which they added was later validated by Radiant developers and the wider cybersecurity community.
The exploiter managed to siphon a total of $4.5 million in Ether (ETH) from the protocol, according to data from Arbitrum block explorer Arbiscanner.
