{"id":12656,"date":"2023-11-11T18:46:13","date_gmt":"2023-11-11T18:46:13","guid":{"rendered":"https:\/\/infundpros.com\/markets\/crypto\/defi-platform-raft-hacked-for-3-3-million-attacker-burns-most-of-stolen-eth-heres-what-happened\/"},"modified":"2023-11-11T18:46:14","modified_gmt":"2023-11-11T18:46:14","slug":"defi-platform-raft-hacked-for-3-3-million-attacker-burns-most-of-stolen-eth-heres-what-happened","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=12656","title":{"rendered":"DeFi Platform Raft Hacked for $3.3 Million, Attacker Burns Most of Stolen ETH \u2013 Here&#8217;s What Happened"},"content":{"rendered":"<div>\n<figure id=\"attachment_130111\" aria-describedby=\"caption-attachment-130111\" style=\"width: 640px\" class=\"wp-caption aligncenter\"><noscript><\/noscript><figcaption id=\"caption-attachment-130111\" class=\"wp-caption-text\">Source: Pixabay<\/figcaption><\/figure>\n<p>Decentralized finance (DeFi) platform Raft has suffered a hack resulting in the loss of approximately $3.3 million in Ethereum ( ETH).<\/p>\n<p>However, the attacker\u2019s attempt to profit from the heist may have backfired, as they incurred a loss themselves.<\/p>\n<p>On-chain data reveals that the hacker drained 1,577 ETH from Raft and subsequently sent 1,570 ETH to a burn address, effectively destroying the majority of the stolen assets.<\/p>\n<p>Only 7 ETH remained in the attacker\u2019s possession.<\/p>\n<p>Prior to the attack, the hacker\u2019s address had received 18 ETH through the use of a crypto mixer service called Tornado Cash, likely to fund the transactions.<\/p>\n<p>After executing the transfers and paying the associated blockchain fees, the attacker\u2019s crypto wallet was left with a mere 14 ETH, resulting in a loss of 4 ETH overall.<\/p>\n<p>Following the incident, Raft\u2019s R dollar-pegged stablecoin experienced a significant drop.<\/p>\n<p>Initially valued at $1, it plummeted by 50% but later recovered to around 70 cents, according to Coinmarketcap data.<\/p>\n<p>David Garai, co-founder of Raft, confirmed the attack in a post on the social media platform X (formerly Twitter).<\/p>\n<p>Garai explained that the exploiter minted R tokens, which were subsequently sold to drain liquidity from automated market makers. Simultaneously, collateral was withdrawn from Raft.<\/p>\n<p>\u201cThere\u2019s been an exploit situation for Raft where the exploiter minted R (which was then sold to drain AMM liquidity), and also managed to withdraw collateral at the same time.\u201d<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">There&#8217;s been an exploit situation for <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/raft_fi?ref_src=twsrc%5Etfw\">@raft_fi<\/a> where the exploiter minted R (which was then sold to drain AMM liquidity), and also managed to withdraw collateral at the same time<\/p>\n<p>We are investigating \u2013 post-mortem will follow soon<\/p>\n<p>\u2014 DG (@davgarai) <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/davgarai\/status\/1723065357445775507?ref_src=twsrc%5Etfw\">November 10, 2023<\/a><\/p>\n<\/blockquote>\n<p>In an effort to mitigate the impact on users, Garai stated that they are using the protocol-owned sDAI in the Peg Stability Module to compensate affected individuals.<\/p>\n<p>Raft functions as a DeFi lending platform and issues the R stablecoin, which is collateralized by liquid staking ether (ETH) derivatives such as Lido\u2019s stETH. Users have the ability to mint R tokens by locking up ETH derivatives.<\/p>\n<h2>Poloniex Wallet Drained of $114 Million<\/h2>\n<p><span class=\"replacer\"><\/span><br \/>Raft\u2019s hack marked the second major crypto exploit on the same day. Earlier, an attacker drained approximately $114 million in digital assets from the centralized exchange Poloniex.<\/p>\n<p>The hacker deployed two wallets sending stolen funds in sequence before swapping them for USD Coin ( USDC) using the Metamask swapping feature.<\/p>\n<p>Following the disclosure of the hack, the company\u2019s Customer Support announced on X that the wallet has been disabled in the meantime.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Our wallet has been disabled for maintenance. We will update this thread once the wallet has been re-enabled.<\/p>\n<p>\u2014 Poloniex Customer Support (@PoloSupport) <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/PoloSupport\/status\/1722934043543752968?ref_src=twsrc%5Etfw\">November 10, 2023<\/a><\/p>\n<\/blockquote>\n<p>The recent incidents come as hacks and scams continue to plague the crypto industry.<\/p>\n<p>According to a report by blockchain security platform Immunefi, there were 76 hacks on crypto and Web3 projects and firms in Q3 2023, a significant increase compared to the 30 hacks reported in the same period in 2022.<\/p>\n<p>In total, approximately $332 million has been lost to various exploits, hacks, and scams throughout September, <span data-preserver-spaces=\"true\">marking a record-high month<\/span><span data-preserver-spaces=\"true\">\u00a0for crypto exploits.\u00a0<\/span><\/p>\n<p>\u00a0<\/p>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em><br \/>\n            Enter your email for our Free Daily Newsletter        <\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"><\/span>\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/defi-platform-raft-hacked-for-3-3-million-attacker-burns-most-of-stolen-eth-heres-what-happened.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source: Pixabay Decentralized finance (DeFi) platform Raft has suffered a hack resulting in the loss of approximately $3.3 million in Ethereum (&#8230;<\/p>\n","protected":false},"author":1,"featured_media":12657,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[28],"tags":[],"class_list":{"0":"post-12656","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-crypto"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>DeFi Platform Raft Hacked for $3.3 Million, Attacker Burns Most of Stolen ETH \u2013 Here&#039;s What Happened | inFundPros<\/title>\n<meta name=\"description\" content=\"Source: Pixabay Decentralized finance (DeFi) platform Raft has suffered a hack resulting in the loss of approximately $3.3 million in Ethereum ( ETH).\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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