DeFi-platform Raft has lost approximately $3.3 million in Ethereum as a result of a hacking incident. However, experts have discovered that the attack likely only caused losses for the perpetrator. Analyst 0xngmi noted that the hacker withdrew a total of 1577 ETH (~$3.3 million) from the protocol. However, they sent 1570 ETH to a burn address and only kept 7 ETH in their wallet. The attacker used 18 ETH, which was laundered through the Tornado Cash mixer, for the attack. After all transactions and fees, they ended up with 14 ETH. Raft provides the ability to issue the R stablecoin, which is pegged to the US dollar, as a collateral in ether derivatives such as Lido Finance’s stETH. Igor Igambergiev, Head of Research at Wintermute, revealed the attack scheme. The perpetrator created two «child» contracts to issue 3000 R using 2 cbETH. Then, they unwound the collateralized positions with 1000 ETH obtained through flash loans. Manipulating liquidity increased the hacker’s collateral funds to 3900 ETH, which they used to mint 6.7 million uncollateralized R tokens. Igambergiev speculated that the tokens were sold through a mixer. According to the expert, the attacker did not consider that the asset conversion function would access the storage from the main contract, where the hacker’s address was not initialized. David Garay, Co-Founder of Raft, confirmed the hack and unauthorized withdrawal of funds from the protocol. The team has initiated an investigation into the incident and promised to provide the community with detailed information. The platform has temporarily halted the issuance of the stablecoin. According to CoinMarketCap, the «stable coin» lost its peg to the US dollar after the attack. At the time of writing, the asset is trading at around $0.08. It should be noted that the losses of the recently hacked centralized cryptocurrency exchange Poloniex exceeded $124.5 million.