Radiant Capital restarted Ethereum lending markets after improving security.

Radiant Capital restarted Ethereum lending markets following a $58 million theft.

The loan process improved on Nov. 1 by shifting ownership into a timelock contract. The Radiant Capital team stated this requires a 72-hour waiting time for updates, boosting security.

The team created a multisignature emergency admin job. As needed, the role pauses and unpauses lending protocol marketplaces.

In addition, its decentralized autonomous organization (DAO) reduced multisignature security to seven signers with a four-out-of-seven barrier.

Multisignature wallets are more secure since they need several signatures for crypto transactions. The single point of failure associated with a single private key is eliminated.

An exploit caused $58 million in digital asset losses, prompting security improvements. Radiant Capital suspended financing on Oct. 16 after BNB Chain and Arbitrum were hacked.

A hacker stole signers' private keys and smart contracts. Hackers stole nearly $50 million from the protocol.

In a post-mortem on Oct. 18, Radiant Capital revealed that malware invaded at least three of its main developers' machines.

Radiant Capital stated its wallets' front-ends presented legal transaction data while malicious transactions were signed and performed in the background.

Crypto phishing has cost millions. An Aug. 21 crypto phishing assault stole $55 million in stablecoins after a whale signed a transaction transferring ownership to attackers.

Due to similar situations, hardware wallet Ledger recommended clear crypto signature. In an interview with Cointelegraph, Ledger CEO Pascal Gauthier said the industry should stop blind signing and that they have engaged with numerous organizations to educate the community.