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Earlier this week, news of the Radiant Capital exploit shook the broader digital currency ecosystem. With over $51 million siphoned from the BNB Chain and Arbitrum networks, the former has issued a major warning to protect its users.
BNB Chain cautions users
According to the blockchain network, users interacting with the wallet address "0xd50C…6c4281" are advised to withdraw their funds immediately. The protocol asked its users to "make sure to revoke any token approvals tied to this address to protect your assets."
Tomiwabold OlajideDespite the security measures implemented by layer-1 and 2 blockchain networks, hacks and exploits are still rampant. The Radiant Capital hack came from a vulnerability linked to a new implementation by the outfit. Specifically, $18 million was siphoned from the BNB Chain, with Arbitrum recording about a $32 million loss.
It is worth nothing that exploits in the crypto ecosystem are not completely concentrated on a single platform. However, exploits are uncommon on the BNB Chain. As a network linked to the Binance exchange ecosystem, regular upgrades and system checks are often conducted on the platform.
As reported earlier by U.Today, Binance temporarily suspended withdrawals on the BNB Beacon Chain for upgrades and hard forking. While the Radiant Capital exploit has been contained, users are still advised to be cautious.
Exploits in different forms
It is worth noting that exploits in the broader Web3 ecosystem take different formats. While the most common are phishing scams and address poisoning, direct protocol hacks are not rare.
While the industry is evolving, the nature of hacks and exploits is also evolving. One thing project developers and industry leaders have managed to do is to continually issue warnings to their community members in order to stay ahead of the exploit.
Shiba Inu and XRP leaders are particularly known to prepare their users against the antics of impersonators and scammers.
Arman Shirinyan
Tomiwabold Olajide
Vladislav Sopov
Dan Burgin