The decentralized finance (DeFi) protocol Radiant Capital (RDNT) has announced through its official channels that it is entering a shutdown procedure.

Radiant stated, "We pursued recovery for 18 months following the hacking incident that occurred in October 2024, but failed to recover the funds and secure new capital. The conditions to responsibly operate the protocol no longer exist." They further explained, "Accordingly, the protocol will transition to a maintenance mode. The frontend will continue to operate, and smart contracts will be maintained on-chain. Users can still perform actions such as withdrawing deposits, repaying loans, and managing positions. The damage recovery portal will remain operational, and any assets recovered in the future will be returned to the affected users."

Radiant Capital suffered a $53 million loss due to a hacking attack in October of last year. Following this news, the price of RDNT is on a downward trend, currently trading at $0.001465, a 3.65% drop according to CoinMarketCap.