Following a hacker attack, Radiant announces gradual shutdown
According to Odaily, DeFi protocol Radiant announced that after the October 2024 hack, and following 18 months of continuous efforts, the DAO no longer has a viable path to continue operations and will gradually enter the "sunsetting" phase.
Radiant stated that there has been no progress in fund recovery, no new capital injection, and a lack of funds and scope for further development to maintain normal operations. Therefore, responsible long-term operation can no longer be sustained.
According to the plan, Radiant will switch to maintenance mode: the frontend interface will remain operational, on-chain smart contracts will still be accessible, and users can continue to withdraw, repay, and manage positions. However, all development, upgrades, and expansion of new features will be halted. At the same time, lending limits will be set to zero, RDNT token issuance incentives will stop, and treasury funds will only be used to support basic operations. Going forward, the project will focus entirely on user asset security, fund recovery, and an orderly liquidation process.
Radiant stated that efforts to recover assets will continue, with the relevant recovery portal remaining open. Any funds recovered in the future will be returned to affected users, but the outcome is uncertain and the process may be lengthy. Although operations are gradually shutting down, on-chain contracts will remain usable, and users must manage their own risks and gradually unwind their positions.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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