Today in crypto, Radiant Capital will wind down after failing to recover from a 2024 hack, the US Senate’s CLARITY Act debates resume this week as lawmakers return from vacation, Michael Saylor’s Strategy sold 32 BTC last week in its first recorded sale since 2022 and teased an imminent buy on Sunday.
Radiant to wind down after failing to recover from 2024 hack
Crypto lending protocol Radiant Capital said on Monday it will start closing down as it failed to establish a “viable path forward” after North Korea exploited it for $50 million in October 2024, adding its inability to recover the stolen funds, secure new capital and maintain a runway to continue operating responsibly forced it to wind down.
It added that contributors and community members had helped maintain the protocol under “increasingly difficult conditions,” but it was not enough to sustain the protocol “without recovery, capital, or growth.”
North Korea’s Lazarus Group exploited Radiant in October 2024, and its value locked fell to $75 million before collapsing further to $5 million within the month after the hack, which it never recovered from.
Source: Radiant Capital
Radiant said it will transition into a “maintenance state,” where the protocol’s frontend will stay online, its smart contracts will remain accessible and users will be able to withdraw, repay, and manage their positions, but the protocol will no longer have development, upgrades or expansions.
Debate on CLARITY Act continues this week as US Senate returns
US Senate consideration of the Digital Asset Clarity (CLARITY) Act is likely to resume as members reconvene this week after an extended Memorial Day holiday.
Many US lawmakers and crypto industry leaders are pushing for consideration of the CLARITY Act, a crypto market structure bill introduced by Republicans and passed by the House of Representatives in July 2025.
The bill, expected to give more authority to the federal commodities regulator over digital assets, passed two crucial committees before the one-week break. It has been debated in Congress amid pushback from industry and banking representatives over stablecoins, tokenized equities and other issues.
“This will be actually the biggest financial regulatory bill that Congress has done in quite some time, certainly since Dodd-Frank,” Coinbase chief policy officer Faryar Shirzad said in a Monday Fox Business interview, referring to a 2010 law in response to the 2008 financial crisis.
Polymarket on Monday showed a 55% chance of the Clarity Act signed into law this year. Source: Polymarket
Strategy sells 32 BTC in first Bitcoin sale since 2022
Strategy sold 32 BTC last week, its first reported Bitcoin sale since a 2022 tax-loss transaction, as the company moved to fund preferred stock distributions.
Strategy sold 32 Bitcoin (BTC) for $2.5 million at an average price of $77,135 per BTC, reducing its holdings from 843,738 BTC to 843,706 BTC, according to a Monday 8-K filing with the US Securities and Exchange Commission.
Proceeds from the Bitcoin sale are expected to be used to fund distributions on preferred stock, the company said.
Source: SEC
The sale came after Strategy faced increased scrutiny over its preferred stock financing model, as investors questioned whether dividend obligations could eventually pressure the company to sell some of its Bitcoin.
The sale is Strategy’s first reported Bitcoin disposal since a 2022 tax loss transaction, when the company sold 704 BTC and repurchased 810 BTC two days later.
Bitcoin (BTC) price chart over the past 24 hours. Source: CoinGecko
Bitcoin slipped below $72,000 following the disclosure and traded at $71,939 at the time of writing, according to CoinGecko.
Saylor on Sunday signaled the Bitcoin treasury company would be announcing fresh purchases of the cryptocurrency in the coming days.
The social media post came just days ahead of a proxy vote that depends in large part on retailer shareholders to enable semi-monthly dividend payouts on the company’s STRC perpetual preferred stock.
“Working Better” was Saylor’s tweet late Sunday morning to accompany a bubble chart tracking Strategy’s Bitcoin (BTC) purchases over the past nearly six years. That chart, from Iceland-registered StrategyTracker.com, has been consistently posted by Saylor in the days ahead of news of a purchase by the biggest publicly traded Bitcoin holder.
