Originally published on: October 17, 2024
Ancilia, a crypto security firm, found itself in a sticky situation when it accidentally shared a link that led to a crypto wallet drainer. The firm was trying to help users who lost funds in a $52 million hack of lending protocol Radiant Capital, but their well-intentioned gesture backfired.
Radiant Capital users were left scrambling to protect their funds after the lending protocol fell victim to a hack on Oct. 16. The attackers managed to steal approximately $51.5 million in funds, leaving users vulnerable to further losses.
In a now-deleted post, Ancilia reposted what they believed to be an official message from Radiant X account, urging users to follow a particular link to revoke permissions on the exploited protocol. However, the link turned out to be a trap and would drain the wallets of unsuspecting users who interacted with it.
Crypto commentator Spreek brought attention to Ancilia’s blunder, criticizing the security firm for their careless mistake. This incident serves as a stark reminder of the importance of verifying sources and maintaining utmost caution in the crypto space.
De.Fi, another security firm, also raised alarm about the Radiant Capital hack, revealing that attackers had tampered with the protocol’s smart contracts on BNB Smart Chain and Arbitrum. This breach allowed the hackers to make off with millions in assets, including popular cryptocurrencies like USD Coin, Wrapped BNB, and Ether.
This is not the first time Radiant Capital has fallen victim to exploitation, with hackers previously siphoning off $4.5 million in January due to a flaw in the smart contracts. The company is currently collaborating with various security firms to address the latest breach and ensure the safety of its users’ funds.
In response to the hack, Radiant Capital has advised users to revoke smart contract permissions using the revoke.cash app, which helps sever ties between wallets and vulnerable smart contracts. By taking proactive steps and following best security practices, users can better protect their assets in the volatile world of cryptocurrency. Stay informed and stay safe.