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Raft Suffers $3.3M Exploit That Drove Down Stablecoin 50%

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. 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.

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