Breaking: Raft DeFi platform suffers $3.3 million exploit

Breaking: Raft DeFi platform suffers $3.3 million exploit

Spread the love

Raft, a decentralized finance (DeFi) lending platform, was hacked, with the exploiter making away with 1,577 ETH, worth approximately $3.3 million at current rates. Raft co-funder David Garai confirmed the hacker attack in a Telegram message.

Out of the 1,577 ETH, 1,570 tokens were sent to a burn address, likely erroneously, leaving the exploiter with just about 7 ETH.  

Blockchain data on Arkham shows that prior to the attack, the hacker’s address received 18 ETH through crypto mixer service Tornado Cash, which may have been to fund transactions.

After the loot, payment of transaction fees, and effective transfer, the hacker’s crypto wallet had a remaining balance of 14 ETH.

The exploit has seen Raft’s R dollar-pegged stablecoin lose up to 50% in value, dropping from its supposed $1 price shortly after the hack. Nevertheless, it plowed back to the value of around $0.70 cents.

PeckShield says, “Our analysis shows the hack takes advantage of round issue and donation to (1) manipulate the collateral token’s index rate of rcbETH-c to borrow/mint $6.7m R and (2) mint extra rcbETH-c so that the donation can be fully redeemed back.”

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.


Related News

No Image
No Image
No Image