Radiant Lending Protocol's Recovery Plan Post Attack: Key Steps and Timeline

Radiant Protocol Unveils Recovery Roadmap Post Attack

In a recent announcement from Foresight News, the lending protocol Radiant has laid out its recovery roadmap following a significant attack on its systems. The detailed plan aims to restore normal operations and bolster the security of the protocol.

Key Components of the Recovery Plan

The recovery strategy includes several critical steps:

• Three-Day Time Lock: To enhance security, Radiant is implementing a three-day time lock on the LendingPoolAddressProvider. This will provide additional time to assess system integrity and prevent further attacks.
• Expected Resumption of Operations: The team anticipates resuming operations on the existing Base and Ethereum mainnet markets within 24 to 36 hours, pending the successful completion of an audit.
• Addressing Withdrawal and RIZ Functionalities: Following the resumption, the team will focus on restoring withdrawal capabilities and RIZ functionalities for the ARB and BNB dLP. This step is crucial to regain user trust and satisfaction.
• Redeployment of Core Market Contracts: The core market contracts will also be redeployed to ensure a secure and robust lending environment.

Investigation Linked to Poly Network Vulnerability

Investigations into the attack have established a connection between the attacker and a vulnerability exposed during the earlier 2023 Poly Network incident. This revelation raises concerns about the broader security landscape affecting decentralized finance (DeFi) platforms.

Exploring Fund Recovery Solutions

The Radiant team is actively exploring potential solutions for fund recovery. Ensuring users can recover their assets is a top priority for maintaining customer confidence and the overall integrity of the platform.

Conclusion

As the landscape of DeFi continues to evolve, the events surrounding Radiant serve as a reminder of the importance of robust security measures and swift recovery protocols in maintaining user trust. The community will be watching closely as Radiant attempts to bounce back from this setback.

For the latest updates, users are encouraged to follow Radiant's official channels and stay informed about further developments.