TechFlow reports that Radiant Capital, a multi-chain lending protocol, has tweeted that the recent hack resulted in bad debt amounting to approximately 1.3% of the protocol's TVL in the WETH market.
A technical solution to safely lift the suspension of the Arbitrum lending market has been developed and is currently under review by OpenZeppelin, independent Ethereum researchers, and white-hat hackers. The suspension on the Arbitrum market is expected to be lifted within the next 24 hours.
For users who faced liquidation risks during the suspension period, a plan will be implemented to ensure no user is unfairly penalized.
In the coming days, Radiant will provide a detailed post-mortem analysis as well as technical details and a plan for addressing the bad debt.
