An attacker exploited the Raft <button class="define-target" id="defi">defi</button> project after finding a vulnerability that allowed them to <button class="define-target" id="mint">mint</button> 6.7&nbsp;million of Raft's R <button class="define-target" id="stablecoin">stablecoin</button> without any backing.<p>The attacker then went to convert the R into ETH, which they would then be able to launder and cash out. However, an error in the attacker's code caused 1,570&nbsp;ETH ($3.25&nbsp;million) to be sent to the <button class="define-target" id="burn">burn</button> address, rendering it permanently inaccessible to everyone including the hacker. Only 7&nbsp;ETH remained. However, because they had to spend ETH to fund the attack, the hack ultimately resulted in a <i>loss</i> of 4&nbsp;ETH (~$8,000) for the perpetrator. Oops.</p><p>As a result of the hack, the R stablecoin lost its dollar <button class="define-target" id="peg">peg</button>, plummeting down to around $0.70. Raft acknowledged the attack and announced that they had paused minting.</p>

"Raft Suffers $3.3M Exploit That Drove Down Stablecoin 50%, but Hacker Likely Lost Money on Attack"

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