{"id":83412,"date":"2023-11-11T13:06:30","date_gmt":"2023-11-11T18:06:30","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/defi-platform-raft-hacked-for-3-3-million-attacker-burns-most-of-stolen-eth-heres-what-happened\/"},"modified":"2023-11-11T13:06:34","modified_gmt":"2023-11-11T18:06:34","slug":"defi-platform-raft-hacked-for-3-3-million-attacker-burns-most-of-stolen-eth-heres-what-happened","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=83412","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 Simultaneously, collateral was withdrawn from Raft.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 ( ETH). However, the attacker\u2019s attempt to profit from the heist may have backfired, as they incurred a loss themselves. On-chain data reveals that the hacker drained 1,577 ETH from Raft and subsequently sent [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":83413,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-83412","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - 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 | iFintechWorld<\/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\" href=\"https:\/\/ifintechworld.com\/?p=83412\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"DeFi Platform Raft Hacked for $3.3 Million, Attacker Burns Most of Stolen ETH \u2013 Here&#039;s What Happened | iFintechWorld\" \/>\n<meta property=\"og: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 property=\"og:url\" content=\"https:\/\/ifintechworld.com\/?p=83412\" \/>\n<meta property=\"og:site_name\" content=\"iFintechWorld\" \/>\n<meta property=\"article:published_time\" content=\"2023-11-11T18:06:30+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-11-11T18:06:34+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/11\/1699679430-hacker-1944688_1280.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"853\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"News Room\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"News Room\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/ifintechworld.com\/?p=83412#article\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=83412\"},\"author\":{\"name\":\"News Room\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\"},\"headline\":\"DeFi Platform Raft Hacked for $3.3 Million, Attacker Burns Most of Stolen ETH \u2013 Here&#8217;s What Happened\",\"datePublished\":\"2023-11-11T18:06:30+00:00\",\"dateModified\":\"2023-11-11T18:06:34+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=83412\"},\"wordCount\":548,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"keywords\":[\"Featured\"],\"articleSection\":[\"Crypto\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/ifintechworld.com\/?p=83412#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/ifintechworld.com\/?p=83412\",\"url\":\"https:\/\/ifintechworld.com\/?p=83412\",\"name\":\"DeFi Platform Raft Hacked for $3.3 Million, Attacker Burns Most of Stolen ETH \u2013 Here's What Happened | iFintechWorld\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/#website\"},\"datePublished\":\"2023-11-11T18:06:30+00:00\",\"dateModified\":\"2023-11-11T18:06:34+00:00\",\"description\":\"Source: Pixabay Decentralized finance (DeFi) platform Raft has suffered a hack resulting in the loss of approximately $3.3 million in Ethereum ( ETH).\",\"breadcrumb\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=83412#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/ifintechworld.com\/?p=83412\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/ifintechworld.com\/?p=83412#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/ifintechworld.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"DeFi Platform Raft Hacked for $3.3 Million, Attacker Burns Most of Stolen ETH \u2013 Here&#8217;s What Happened\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/ifintechworld.com\/#website\",\"url\":\"https:\/\/ifintechworld.com\/\",\"name\":\"Repay Down\",\"description\":\"Latest Personal Finance News, Tips and Updates\",\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/ifintechworld.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/ifintechworld.com\/#organization\",\"name\":\"Repay Down\",\"url\":\"https:\/\/ifintechworld.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"width\":558,\"height\":90,\"caption\":\"Repay Down\"},\"image\":{\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\",\"name\":\"News Room\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"caption\":\"News Room\"},\"sameAs\":[\"https:\/\/ifintechworld.com\"],\"url\":\"https:\/\/ifintechworld.com\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"DeFi Platform Raft Hacked for $3.3 Million, Attacker Burns Most of Stolen ETH \u2013 Here's What Happened | iFintechWorld","description":"Source: Pixabay Decentralized finance (DeFi) platform Raft has suffered a hack resulting in the loss of approximately $3.3 million in Ethereum ( ETH).","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/ifintechworld.com\/?p=83412","og_locale":"en_US","og_type":"article","og_title":"DeFi Platform Raft Hacked for $3.3 Million, Attacker Burns Most of Stolen ETH \u2013 Here's What Happened | iFintechWorld","og_description":"Source: Pixabay Decentralized finance (DeFi) platform Raft has suffered a hack resulting in the loss of approximately $3.3 million in Ethereum ( ETH).","og_url":"https:\/\/ifintechworld.com\/?p=83412","og_site_name":"iFintechWorld","article_published_time":"2023-11-11T18:06:30+00:00","article_modified_time":"2023-11-11T18:06:34+00:00","og_image":[{"width":1280,"height":853,"url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/11\/1699679430-hacker-1944688_1280.jpg","type":"image\/jpeg"}],"author":"News Room","twitter_card":"summary_large_image","twitter_misc":{"Written by":"News Room","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/ifintechworld.com\/?p=83412#article","isPartOf":{"@id":"https:\/\/ifintechworld.com\/?p=83412"},"author":{"name":"News Room","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61"},"headline":"DeFi Platform Raft Hacked for $3.3 Million, Attacker Burns Most of Stolen ETH \u2013 Here&#8217;s What Happened","datePublished":"2023-11-11T18:06:30+00:00","dateModified":"2023-11-11T18:06:34+00:00","mainEntityOfPage":{"@id":"https:\/\/ifintechworld.com\/?p=83412"},"wordCount":548,"commentCount":0,"publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"keywords":["Featured"],"articleSection":["Crypto"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/ifintechworld.com\/?p=83412#respond"]}]},{"@type":"WebPage","@id":"https:\/\/ifintechworld.com\/?p=83412","url":"https:\/\/ifintechworld.com\/?p=83412","name":"DeFi Platform Raft Hacked for $3.3 Million, Attacker Burns Most of Stolen ETH \u2013 Here's What Happened | iFintechWorld","isPartOf":{"@id":"https:\/\/ifintechworld.com\/#website"},"datePublished":"2023-11-11T18:06:30+00:00","dateModified":"2023-11-11T18:06:34+00:00","description":"Source: Pixabay Decentralized finance (DeFi) platform Raft has suffered a hack resulting in the loss of approximately $3.3 million in Ethereum ( ETH).","breadcrumb":{"@id":"https:\/\/ifintechworld.com\/?p=83412#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ifintechworld.com\/?p=83412"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/ifintechworld.com\/?p=83412#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/ifintechworld.com\/"},{"@type":"ListItem","position":2,"name":"DeFi Platform Raft Hacked for $3.3 Million, Attacker Burns Most of Stolen ETH \u2013 Here&#8217;s What Happened"}]},{"@type":"WebSite","@id":"https:\/\/ifintechworld.com\/#website","url":"https:\/\/ifintechworld.com\/","name":"Repay Down","description":"Latest Personal Finance News, Tips and Updates","publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ifintechworld.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/ifintechworld.com\/#organization","name":"Repay Down","url":"https:\/\/ifintechworld.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","width":558,"height":90,"caption":"Repay Down"},"image":{"@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61","name":"News Room","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","caption":"News Room"},"sameAs":["https:\/\/ifintechworld.com"],"url":"https:\/\/ifintechworld.com\/?author=1"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/83412","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=83412"}],"version-history":[{"count":1,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/83412\/revisions"}],"predecessor-version":[{"id":83414,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/83412\/revisions\/83414"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/media\/83413"}],"wp:attachment":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=83412"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=83412"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=83412"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}