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Early this morning, a hacker drained over 850,000 Ether (ETH) in various Ethereum tokens from the protocol-level DeFi platform Raft. The hacker was able to acquire the Ether from funds that were lent out by users and stored in the Raft’s contracts. The majority of the stolen coins, however, have since been burned, with only $500,000 remaining in an unknown address.
Raft’s own analysis of the attack reported that the hacker mined a “signature hash” which allowed the hacker to bypass Raft’s security protocols and access its funds. Raft has since taken measures to replace their internal funds with new ones. Raft is currently in the process of rolling back transactions that occurred since the attack.
The news appears to have had an adverse effect on the price of ether, especially considering the magnitude of the loss. The price of Ether dropped over 6% following the news, before making a small recovery.
At the time of writing, the suspected attacker is yet to be identified. According to some observers the attack method employed was quite sophisticated, which has led to speculation that it may have been carried out by a professional hacker.
Raft is working with the security firm PeckShield to identify the address which held the remaining stolen funds. If that address is identified, the stolen Ether can be returned to its rightful owners. Additionally, Raft is offering a bounty of up to 10,000 ETH for any information leading to the recovery of the stolen funds.