⚡ Raft Falls Prey to Hacker, $3.3 Million Stolen
posted 11 Nov 2023
Raft, a platform in the decentralized finance realm, experienced a major
exploit, losing $3.3 million. The hacker, however, lost the pilfered
funds due to a peculiar mistake.
They
withdrew 1577 ETH from Raft but then sent 1570 ETH to a zero address
due to what seems to be a coding error, leaving only 7 ETH. In a further
twist, they ended up with a net loss of 4 ETH after the costs of the
hack.
The platform's stablecoin, bearing the ticker R, saw its dollar peg lost
as a consequence of the hacker's interference, resulting in a drastic
price dive of over 90%. Raft has suspended the minting of R and revealed
plans for the rollout of an upgraded, secure version of the stablecoin.
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