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DeFi Platform Raft Hacked for $3.3 Million, Attacker Burns Most of Stolen ETH – Here’s What Happened

today 11/11/2023
The decentralized finance (DeFi) platform Raft was hacked, resulting in a loss of around $3.3 million in Ethereum (ETH). However, the attacker's attempt to profit from the heist backfired, as they ended up losing themselves. The hacker drained 1,577 ETH from Raft and burned 1,570 ETH, destroying most of the stolen assets. Only 7 ETH remained in the attacker's possession. Prior to the attack, the hacker's address had received 18 ETH through a crypto mixer service called Tornado Cash. After executing the transfers and paying fees, the attacker's wallet was left with 14 ETH, resulting in a loss of 4 ETH overall. Raft's stablecoin, R, experienced a significant drop in value following the incident. Raft co-founder David Garai confirmed the attack and stated that they are using protocol-owned sDAI to compensate affected users. This hack occurred on the same day as another major exploit, where approximately $114 million was drained from the centralized exchange Poloniex. These incidents highlight the ongoing issue of hacks and scams in the crypto industry. According to a report, there were 76 hacks on crypto projects in Q3 2023, resulting in approximately $332 million in losses.
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