As a seasoned researcher with years of experience in the cryptocurrency sphere, I find myself both dismayed and amused by the series of events unfolding around Ancilia and Radiant Capital. It is always alarming when security lapses occur, but it’s almost comical how the irony can sometimes be so thick that a knife could cut through it. Here we have a supposedly trusted security firm inadvertently leading users to a wallet drainer in an attempt to help them secure their funds. It’s as if they were giving directions to a haunted house while claiming to be the Ghostbusters.
In an unfortunate turn of events, the cryptocurrency security company, Ancilia, found itself in trouble, having unintentionally distributed a link leading to a crypto wallet draining tool while trying to assist users who had suffered losses due to a $52 million hack on lending platform Radiant Capital.
As an analyst, I found myself advising users of Radiant Capital to withdraw their permissions from the protocol urgently, as it had become a target for a hack that occurred on October 16. Regrettably, this incident allowed attackers to pilfer approximately $51.5 million in funds.
A pseudonymous cryptocurrency analyst named “Spreek” circulated a picture of Ancilia’s deleted post, which had supposedly shared a suspicious link that originated from a fake Radiant X account.
Ancilla asked Radiant Capital users, who wished to withdraw their authorization on the affected protocol, to “kindly click the link provided in this formal communication.
As a cautious crypto investor, I’d like to warn others about a potential scam I recently encountered. A post I came across contained a suspicious link promising huge returns. If I had clicked it and granted the necessary permissions, my funds could have been drained without a trace. Always be wary of unsolicited offers or links, especially in the crypto world.
In a recent X post, Spreek expressed, “Good heavens! If you’re a ‘trusted’ security account, it’s crucial that you always ensure not to carry out such actions.
In a October 16th public post, crypto security company De.Fi warned users about the hack at Radiant Capital, revealing that the perpetrators manipulated the smart contracts of the affected protocol on both Binance Smart Chain and Arbitrum networks.
The change in the smart contracts allowed the attackers to steal roughly $51.5 million in assets, including USD Coin (USDC), Wrapped BNB (WBNB), and Ether (ETH).
The security firm explained that a multi-signature wallet controlled Radiant Capital with a total of 11 signers. The hackers reportedly obtained access to three of the signers’ private keys, which allowed them to alter the protocol’s smart contracts and steal user funds.
This latest assault signifies the second occasion in 2023 where Radiant has fallen victim to an exploit. Back in January, hackers capitalized on a distinct vulnerability within their smart contracts, resulting in a loss of $4.5 million for Radiant.
Radiant acknowledged the problem at hand and was collaborating with various security companies such as SEAL911, Hyperactive, ZeroShadow, and Chainalysis, in an effort to find a solution.
In a subsequent message to X, Radiant advised users to discontinue smart contract permissions via the revoke.cash application, a tool designed to sever connections between user wallets and smart contracts.
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2024-10-17 07:19