Hacker Most Likely Lost Money on Attack, but Raft Suffers $3.3M Exploit That Drives Down Stablecoin 50%
Defi

Hacker Most Likely Lost Money on Attack, but Raft Suffers $3.3M Exploit That Drives Down Stablecoin 50%

After being hacked on Friday afternoon, the decentralised finance (DeFi) platform Raft lost almost $3.3 million in ether (ETH); nevertheless, the attacker might have lost money during the theft.

The attacker destroyed the majority of the stolen funds and kept only 7 ETH for themselves, according to on-chain statistics, after draining 1,577 ETH from Raft and sending 1,570 ETH to a burn address. Blockchain data on Arkham reveals that the hacker’s address received 18 ETH via the cryptocurrency mixer site Tornado Cash prior to the attack, most likely to fund transactions.

The exploiter’s cryptocurrency wallet contained just 14 ETH remaining after the transactions were completed and the blockchain fees were paid; this is less than the initial 18 ETH.

This implies that they will lose 4 ETH in total during the manoeuvre.

According to Coinmarketcap data, Raft’s R dollar-pegged stablecoin experienced a 50% decline from its alleged $1 price in the immediate aftermath before rising to about 70 cents.

Co-funder David Garai of Raft verified that the platform was the subject of an assault in a post on X, formerly Twitter. The exploiter withdrew collateral from Raft and created R tokens, which were traded to deplete automated market maker liquidity, according to Garai.

“We are trying to make people whole using the protocol-owned sDAI in thee Peg Stability Module,” Garai said

Raft is a DeFi lending platform that offers the R stablecoin, backed by derivatives of liquid staking ether (ETH) like stETH from Lido. If users lock away their ETH derivatives, they can manufacture R token.

This was Friday’s second significant cryptocurrency exploit. An attacker stole over $114 million in of digital assets from Poloniex, a centralised exchange, earlier in the day.