Raft

Ethereum

Stablecoin

Bitcoin

<ul>
 <li>A hacker stole 1,577 ETH and promptly transmitted 1,570 ETH to a burn address.</li>
 <li>Raft’s R dollar-pegged stablecoin declined to $0.1329, down 86.93% in the last 24 hours.</li>
</ul>
DeFi platform Raft lost about $3.3 million in Ethereum (<a href="https://thenewscrypto.com/ethereum-fails-to-break-resistance-are-bears-taking-over/" target="_blank" rel="noopener noreferrer nofollow">ETH</a>) after hackers attacked it on Friday. However, the attacker may have incurred a loss on the crime.
According to the information available on the blockchain, a hacker stole 1,577 ETH from Raft and promptly transmitted 1,570 ETH to a burn address, destroying the vast majority of the stolen funds and keeping just $7. Blockchain data on Arkham reveals that before the assault, the hacker’s address obtained 18 ETH via the cryptocurrency mixer <a href="https://thenewscrypto.com/blockchain-news-tornado-cash-co-founder-roman-storm-released-on-bail/" target="_blank" rel="noopener noreferrer nofollow">Tornado Cash</a>.
After the transactions were processed and blockchain fees were deducted, the exploiter’s crypto wallet had just 14 ETH, down from the original 18 ETH. Because of this, the whole operation will cost them 4 ETH.
<h3 class="wp-block-heading" id="stablecoin-takes-a-hit">Stablecoin Takes a Hit</h3>
Moreover, after initially falling as much as 50% from its pegged $1 price, Raft’s R dollar-pegged stablecoin declined further to $0.1129, down 87.93% in the last 24 hours. , according to statistics compiled by <a href="http://coinmarketcap.com" target="_blank" rel="noopener noreferrer nofollow">CoinMarketCap</a>.
<div class="wp-block-image">
 <figure class="aligncenter size-full"><img decoding="async" width="630" height="380" src="https://thenewscrypto.com/wp-content/uploads/2023/11/R_1D_graph_coinmarketcap.png" alt="" class="wp-image-85551" srcset="https://thenewscrypto.com/wp-content/uploads/2023/11/R_1D_graph_coinmarketcap.png 630w, https://thenewscrypto.com/wp-content/uploads/2023/11/R_1D_graph_coinmarketcap-300x181.png 300w, https://thenewscrypto.com/wp-content/uploads/2023/11/R_1D_graph_coinmarketcap-150x90.png 150w" sizes="(max-width: 630px) 100vw, 630px">
 <figcaption class="wp-element-caption">
 Source: <a href="http://CoinMarketCap.com" target="_blank" rel="noopener noreferrer nofollow">CoinMarketCap</a>
 </figcaption>
 </figure>
</div>
Raft co-founder <a href="https://twitter.com/davgarai?lang=en" target="_blank" rel="noopener noreferrer nofollow">David Garai</a> revealed in a post on Twitter that the platform was attacked by an assault. According to Garai, the exploiter minted R tokens and traded them to deplete the liquidity of automated market makers while concurrently withdrawing collateral from Raft. Moreover, the DeFi platform halted minting of new stablecoins.
Garai stated on Twitter:
<blockquote class="wp-block-quote">
 “We are currently investigating and will provide an update as soon as we can. Existing users are still able to repay their positions and receive their collateral.”
</blockquote>
Raft is a DeFi lending platform that issues the R stablecoin backed by liquid ETH staking derivatives like stETH from Lido. Minting R tokens requires users to stake ETH derivatives.
Highlighted Crypto News Today:
<a href="https://thenewscrypto.com/bitcoin-bulls-strive-to-shatter-key-resistance-barrier/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin Bulls Strive To Shatter Key Resistance Barrier</a>

DeFi Platform Raft’s Stablecoin Down 87% Post Recent Exploit

Table of Contents

TheNewsCrypto

Other articles published on Nov 11, 2023

Crypto ETFs: BlackRock Challenges SEC in Regulatory Dispute

Bitcoin Ordinals Boosts Miners’ Earnings to $30 Million in 10 Days

BlackRock argues SEC has no grounds to treat crypto futures and spot ETFs differently

LINK Price Breaks Above $15 With 33% Rally – Is $18 The Next Stop?

Ripple CEO Predicts Next Phase for Crypto Post SEC Win

Ethereum Fails to Break Resistance. Are Bears Taking Over?

Join our free newsletter for daily crypto updates!