Hackers have stolen more than $50 million in cryptocurrencies from Radiant Capital, a platform that enables lending across different blockchains.
The attack targeted Radiant's functionalities on the BNB Chain and Arbitrum networks.
According to cybersecurity experts such as De.Fi Antivirus, the exploit used the "transferFrom" function, allowing unauthorized access to drain funds from users, including USDC, WBNB and ETH.
Radiant Capital has confirmed the breach and subsequently stopped all lending activities on all of their supported blockchains.
They are currently working with cybersecurity firms such as SEAL911, Hypernative, ZeroShadow and Chainalysis to investigate the incident.