DeFi Platform Raft Hacked for $3.3 Million, Attacker Burns Most of Stolen ETH – Here’s What Happened
Raft is a DeFi platform, which offers users a platform to create, manage, and interact with decentralized finance (DeFi) applications. On June 14, 2021, the platform was the victim of a hack, resulting in the theft of 2,378 ETH (worth approximately $3.3 million).
The incident took place when the hacker deployed a flash loan attack against the platform’s UniSwap pool, where critical faults were found in the pool’s security. Using a flash loan, the hacker borrowed ETH from the pool and was able to steal the funds from the vulnerable UniSwap contracts.
The team at Raft was able to react quickly to the incident and alerted the community shortly afterwards. The hacker then sent the ETH to a smart contract with a self-destruct function. The remaining 1,336 ETH (worth approximately $1 million) has since been destroyed, however, the original stolen ETH is still unaccounted for.
Raft also reached out to the relevant authorities to report the incident and has been working with the Ethereum community to investigate the attack. The team has since taken action to prevent similar attacks from happening again by upgrading the security features of their platform.
At the time of writing, Raft is still in the process of assessing the full extent of the incident and working to recover the stolen funds. Sudhir Khatwani, the Founder and CEO of the platform, has announced plans to compensate affected users with airdrops.