DeFi Platform Raft Hacked for $3.3 Million, Attacker Burns Most of Stolen ETH – Here’s What Happened
On June 8th, 2021, Decentralized Finance (DeFi) platform Raft was exploited and hacked for approximately $3.3 million USD. The attacker managed to somehow bypass thousands of dollars worth of smart contracts and stole 390 ETH.
The hacker then proceeded to burn most of the stolen ETH on the Ethereum blockchain, leaving only 152 ETH from the attack still unaccounted for. Raft has since launched an investigation and identified the transaction and address used in the attack.
While it is highly unlikely that the hacker will be able to recover the ETH, the platform is attempting to trace the stolen funds.
Additionally, the platform also released a statement encouraging users with more than 500 USD worth of Ethereum stored in their Raft wallet to contact the teams for assistance. It is unclear as of yet if users will be able to recover all of their lost funds.
Raft has also recommended users to enable “all available security measures,” including two-factor authentication, in order to protect accounts.
Ultimately, while this attack is a worrying reminder of how susceptible DeFi protocols can be to attacks, it is important to note that DeFi protocols like Raft are maturing and learning how to better protect their protocols. Raft and other platforms continue to make progress in addressing security issues and ensuring users’ safety.