Security Flaw in DeFi Platform Raft Leads to Major Losses and Temporarily Halts R Stablecoin Minting

Security Flaw in DeFi Platform Raft Leads to Major Losses and Temporarily Halts R Stablecoin Minting



The DeFi platform Raft has temporarily halted the minting of its R stablecoin following a security breach that led to significant losses. The company is investigating the incident and plans to keep its users informed. Although new activities are suspended, existing users can still make loan repayments and retrieve collateral.



David Garai, a co-founder of Raft, confirmed an attack on their platform, where the perpetrator created R tokens, depleted liquidity from the automated market maker, and simultaneously withdrew collateral from Raft. The platform, which issues R stablecoins backed by liquid staking ETH derivatives, is now focusing on securing user operations and stabilizing the platform.



This incident caused the R stablecoin's value to plummet from $1 to $0.18. As per CoinGecko, the cryptocurrency's value was $0.057965 at the


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#Cryptocurrency, #Cryptomarket, #Cryptonewstoday, #DeFi, #News, #Raft, #Regulations, #Stablecoin

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