We continue to encounter interesting events in the cryptocurrency market. Today, Raft (R), a stablecoin project, was attacked by a hacker. After this development, R, which lost its dollar constant, suddenly lost 70% of its value. On the other hand, the hacker’s transaction actions stunned the audience.
The platform was attacked and the stablecoin price crashed!
According to news today, a hacker stole 1,577 ETH from the Raft platform. Wanting to lose track of him, the hacker initially laundered 18 ETH from Tornado Cash. However, it later interestingly burned 1,570 ETH. He only managed to transfer the remaining 7 ETH to his account. However, after transaction fees, the hacker was left with only 14 ETH. These actions stunned the onlookers and they began to ridicule the hacker. Meanwhile, Raft said regarding the attack: “We are aware of a potential security vulnerability. “We are currently investigating and will provide an update as soon as possible.” made the statement. Later, the stablecoin project shared the latest situation with an update:
Update: Further pressing of R has been stopped. Existing users can still redeem their positions and collect their collateral.
This pilgrimage event triggered a collapse in the price of the stablecoin. Following this development, Raft (R) lost its dollar peg and saw a 70% drop in value. During this period, R dropped to $0.30. R, which later tried to recover, was trading at $0.709 at the time of writing. This means that 30% of its value still hasn’t been recovered.
Raft is ditching fiat for its financial backing
Meanwhile, the R stablecoin is collateralized by a single crypto asset. This is staked Ethereum (stETH) from liquid staking leader Lido. cryptokoin.comAs you follow from , Raft launched a new US dollar stablecoin called R backed by a single crypto asset in June this year. According to the protocol’s documentation, the stablecoin uses both hard and soft pegging mechanisms to keep its price around $1. Hard pegging relies on arbitrage to maintain a stable price. Soft pinning is based on encouraging users to act based on “the expectation that the pin will be maintained in the future.”
The largest stablecoins, Tether’s USDT and Circle Internet Financial’s USDC, are backed by traditional assets such as US Treasuries. Instead, those backed by crypto assets have had mixed success. Collateralized by a combination of real-world assets such as Ethereum-based tokens, stablecoins, and US government bonds, MakerDAO’s DAI has accumulated a market cap of approximately $4.6 billion. Meanwhile, Do Kwon’s UST, backed by the LUNA token, crashed dramatically a year ago.
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