According to CoinDesk, decentralized finance (DeFi) platform Raft lost approximately $3.3 million in ether (ETH) after being hacked on Friday afternoon. However, the attacker may have taken a loss on the heist. On-chain data reveals that the hacker drained 1,577 ETH from Raft and then sent 1,570 ETH to a burn address, destroying most of the stolen assets and leaving only 7 ETH for themselves. The hacker's address received 18 ETH via crypto mixer service Tornado Cash before the attack, likely to fund transactions. 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, resulting in 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 but later rebounded to around 70 cents, according to Coinmarketcap data. Raft co-founder David Garai confirmed the hacker attack in a Telegram message, stating, 'We are trying to make people whole using the protocol-owned sDAI in the Peg Stability Module.' Raft is a lending platform that issues the R stablecoin backed by liquid staking ether derivatives such as Lido's stETH.
