Radiant Capital was subject to a flash-loan-based exploit upon launching the new native USDC market on Arbitrum on January 2nd at 06:53:29 PM +UTC, leading to the protocol accruing bad debt in the WETH market totaling about 1.3% of total protocol TVL. The Radiant DAO Council invoked the emergency administrative controls to pause all Arbitrum markets to mitigate further damage. An investigation has been ongoing since yesterday afternoon. A technical approach has been developed to unpause lending and borrowing markets on Arbitrum safely. OpenZeppelin, independent Ethereum researchers, and White Hats are currently reviewing this approach. The Radiant protocol is solvent, and a remediation plan for the bad debt will be implemented to re-capitalize the protocol entirely and give users full access to their deposits. A proposed plan will also be implemented for users at risk of liquidation during the pause period to ensure no users are penalized unfairly. Law enforcement officials will be brought in as we gather more data on the exploiter - we encourage them to contact us before further escalation. A huge number of teams and individuals have provided help during this difficult day. We'll give more detailed mention to them soon, but want to give initial thanks to HypernativeLabs for initially flagging the exploit, and in no particular order also wish to thank @paladin_marco, @hexagate_, @BlockSecTeam, @LayerZero_Labs, @MaybeMaxPower, @samczsun, @chaos_labs, @pcaversaccio, Daniel from @OriginProtocol, Stephen Tong from @zellic_io, @chainalysis, @tayvano_, @cryptogle, @pashovkrum, @trmlabs, @0x4C756B65 for their analysis, code reviews, and ongoing work to hunt down the exploiter. We cannot thank you all enough. Over the coming days, a detailed post-mortem analysis and proposed technical and bad debt remediation plan will be put forth. Thank you for your continued patience. The #1 priority is to safely unpause the Arbitrum markets and ensure no users are affected. Barring any setbacks, the intention is that this can occur within the next 24 hours.

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