DeFi Platform Raft Suffers $3.3M Exploit, But Hacker Likely Took a Loss on the Attack

Decentralized finance (DeFi) platform Raft lost some $3.3 million in ether (ETH) after being hacked Friday afternoon – but the attacker may have taken 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. The hacker’s address received 18 ETH via crypto mixer service Tornado Cash before the attack, blockchain data on Arkham shows, 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.

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, but later rebounded to around 70 cents, Coinmarketcap data shows.

Raft co-funder David Garai confirmed the hacker attack in a Telegram message.

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

Raft is a lending platform, which issues the R stablecoin backed by liquid staking ether derivatives such as Lido’s stETH.