Radiant Suffers $4.4 Million Exploit

Radiant quickly paused lending and borrowing on Arbitrum after the incident.

Radiant Suffers $4.4 Million Exploit

Quick Take

  • New IRS reporting requirements.
  • Vitalik releases updated Ethereum roadmap.
  • Radiant suffers a $4.4 million exploit.
  • Crypto wallet founder phished out of 52 stETH.

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New IRS Crypto Reporting Requirement

An amendment to the Tax Code now requires individuals who receive $10,000 or more in cryptocurrency as part of their business activities to report information to the IRS. The report must also be filed within 15 days of the transaction. The update, which extends the existing rule for cash transactions, was enacted through the Infrastructure Investment and Jobs Act signed in 2021. Crypto advocacy group Coin Center raised concerns about the change, arguing that it is both unconstitutional and practically unfeasible to comply with. They point out the difficulty in obtaining personal information from the sender in cryptocurrency transactions, which is required as part of the report. Coin Center is currently challenging the amendment in court.

Ethereum Updated Roadmap Diagram

Vitalik Buterin released an updated Ethereum roadmap diagram. This roadmap consists of six key categories, including: The Merge, The Surge, The Scourge, The Verge, The Purge, and The Splurge. Significant changes have been made to The Scourge, an item that focuses on ensuring credibly neutral and fair transaction inclusion. The Scourge has been redesigned to address issues related to economic centralization in PoS in general, specifically targeting MEV and stake pooling issues. The priority for state expiry and VDF has also been lowered on the roadmap. The implementation of EIP-4844 will mark the first roadmap item that will be completed this year.

Radiant Suffers $4.4 Million Exploit

Radiant Capital, a DeFi lending protocol built on LayerZero, suffered an exploit resulting in the loss of over $4.4 million in assets from its Arbitrum market. Radiant quickly paused lending and borrowing on Arbitrum after receiving multiple reports of a vulnerability relating to a new native USDC market on Arbitrum. The Radiant team sent an onchain message to the attacker, hoping it was a whitehat hacker, and requesting for cooperation in returning the stolen funds. No immediate action is required from current Radiant users while the market is paused. Binance Smart Chain markets on Radiant appear to be unaffected by the vulnerability.

Crypto Wallet Founder Phished Out Of $125k

Bill Lou, co-founder of Nest Wallet, lost 52.36 stETH, valued at approximately $125,000, due to a phishing scam. Lou was trying to claim LFG tokens from a memecoin project, which offers Ethereum users the opportunity to claim tokens on Solana, proportional to their Ethereum gas expenditure. Lou clicked on a phishing link found in a fake guide for claiming the tokens. Lou was using a MetaMask wallet instead of Nest Wallet, which he claims would have alerted him to the phishing threat.

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