In an unexpected development, stablecoin Raft (R) has reportedly been targeted by a hacker.
The attacker managed to steal 1,577 Ethereum from the Raft platform. The attacker then initially laundered 18 ETH from Tornado Cash, a privacy-focused Ethereum mixing service.
Bizarrely, the hacker then burned 1,570 ETH and sent the remaining 7 ETH to his own account. After accounting for transaction fees, the hacker was left with a net total of 14 ETH. This means that the hacker's total profit after deducting fees is actually a loss of 4 ETH. This strange situation caused humorous comments that the hacker would go to jail for only 4 ETH.
The Raft official X account released a statement acknowledging the potential vulnerability:
“We are aware of a potential security vulnerability. We are currently investigating and will provide an update as soon as possible.
As a precaution, further minting of R has been stopped. However, existing users can still redeem their positions and collect their collateral.”
There is now approximately another R3.3 million in the cryptocurrency wallet where the hacker carried out the incident, which equates to approximately $19,000.
*This is not investment advice.