DeFi platform Raft suffered a hack that led to a loss of around $3.3 million in Ethereum (ETH). However, the hacker may have ultimately incurred a loss during the attack.
A hacker stole 1,577 ETH from Raft but then sent 1,570 ETH to a burn address. This effectively destroyed most of the stolen funds, leaving the attacker with just $7.
Prior to the hack, the hacker’s wallet received 18 ETH through a cryptocurrency mixer called Tornado Cash. After the transactions and blockchain fees, the hacker’s wallet ended up with only 14 ETH, resulting in a net loss of 4 ETH for the entire operation.
In addition to the hack, Raft’s R dollar-pegged stablecoin dropped significantly in value. It initially fell 50% from its pegged value of $1 and continued to decline to $0.1129, marking an 87.93% drop in the last 24 hours, according to CoinMarketCap.
David Garai, co-founder of Raft, acknowledged the hack on Twitter. He explained that the attacker minted R tokens and traded them to drain liquidity from automated market makers while simultaneously withdrawing collateral from Raft.
