The assault brought on $three.three million in harm, resulting in Raft’s R stablecoin to drop additional than 70% of its worth.
Raft was hacked and misplaced $three.three million, the R stablecoin has severely degenerated. Photo: Raft internet site
DeFi platform Raft had $three.three million in Ethereum (ETH) withdrawn in an assault on the evening of November ten, but the hackers seem to have misplaced cash on the loot.
Update: Further minting of R has been suspended.
Existing end users can nevertheless redeem their positions and get the collateral. https://t.co/0cE6MhfNos
— Raft (@raft_fi) November 10, 2023
On-chain information demonstrates that the attacker stole one,577 ETH from Raft, then sent one,570 ETH to a burn up handle, destroying most of the stolen assets and leaving only seven ETH behind. Before compromising Raft, the hacker’s wallet acquired 18 ETH as a result of the Tornado Cash coin mixing platform, which took information from Arkham.
Therefore, just after transferring cash and having to pay transaction charges, the attacker is left with only 14 ETH, much less than the unique 18 ETH. This suggests that this man or woman misplaced four ETH for the duration of the total assault course of action.
one. The hacker withdrew 18 ETH from the tornado money
two. hacked a complete of one,577 ETH
three. they burned one,570 ETH and sent the remaining seven ETH to themselves
four. After charges, you have 14 ETH left
So the complete revenue just after charges is -four ETH
mf could go to jail for Dropping four ETH
— 0xngmi (@0xngmi) November 10, 2023
Raft co-founder David Garai confirmed the safety incident in a publish on X (Twitter). Garai explained that the hackers minted Rs, then offered them to drain liquidity and withdrew collateral from Raft.
An exploit problem has occurred for @raft_fi the place the exploiter minted R (which was then offered to drain the AMM’s liquidity), even though also managing to withdraw the collateral
We are investigating: the autopsy will stick to quickly
— DG (@davgarai) November 10, 2023
After about an hour, the venture managed to manage the problem and the hacker stopped minting R. The incident had a substantial effect on Raft’s stablecoin, R fell by additional than 70%, slipping from its peg at $one. At the time of reporting R has not nevertheless managed to recover and is hovering all around USD .33.
R value fluctuation above the final day, screenshot from CoinMarketCap at 09:ten on November eleven, 2023
Raft is a DeFi lending platform, issuing R stablecoins collateralized by liquid ETH staking derivatives this kind of as Lido’s stETH. This suggests that end users can use stETH as collateral to borrow Rs.
Above is the 2nd hacking incident that occurred on the evening of November 10th. Previously Poloniex had just been the victim of an assault, with losses of up to $114 million.
Join the discussion on the hottest troubles in the DeFi industry in the chat group Coinlive Chats Let’s join the administrators of Coinlive!!