Decentralized
finance
(DeFi)
platform
Raft
lost
some
$3.3
million
in
ether
(ETH)
after
being
hacked
Friday
afternoon
–
but
the
attacker
may
have
suffered
a
loss
on
the
heist.
On-chain
data
shows
that
the
attacker
drained
1,577
ETH
from
Raft,
then
sent
1,570
ETH
to
a
burn
address
–
destroying
most
of
the
stolen
assets
and
leaving
only
7
ETH
for
themselves.
The
hacker’s
address
received
18
ETH
via
crypto
mixer
service
Tornado
Cash
before
the
attack,
blockchain
data
on
Arkham
shows,
likely
to
fund
transactions.
After
executing
the
transfers
and
paying
the
blockchain
fees,
the
exploiter’s
crypto
wallet
was
left
with
only
14
ETH,
fewer
funds
than
the
initial
18
ETH.
This
means
that
they
face
a
4
ETH
loss
on
the
whole
maneuver.
Raft’s
R
dollar-pegged
stablecoin
dropped
as
much
as
50%
from
its
supposed
$1
price
in
the
immediate
aftermath,
but
later
rebounded
to
around
70
cents,
Coinmarketcap
data
shows.
Raft
co-funder
David
Garai
confirmed
in
a
post
on
X
(formerly
Twitter)
that
the
platform
was
targeted
by
an
attack.
The
exploiter
minted
R
tokens,
which
then
were
sold
to
drain
automated
market
maker
liquidity,
while
simultaneously
withdrew
collateral
from
Raft,
Garai
explained.
“We
are
trying
to
make
people
whole
using
the
protocol-owned
sDAI
in
the
Peg
Stability
Module,”
Garai
told
CoinDesk
in
a
Telegram
message.
Raft
is
a
DeFi
lending
platform,
which
issues
the
R
stablecoin
collateralized
by
liquid
staking
ether
(ETH)
derivatives
such
as
Lido’s
stETH.
Users
can
mint
R
token
if
they
lock
up
ETH
derivatives.
This
was
the
second
major
crypto
exploit
on
Friday.
Earlier
during
the
day,
an
attacker
drained
about
$114
million
in
digital
assets
from
centralized
exchange
Poloniex.
UPDATE
(Nov.
11,
22:10
UTC):
Adds
context,
details
about
the
exploit
from
Raft
founder.