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


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


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

Comments

Post a Comment

Popular posts from this blog

Notcoin Launches Major Airdrop Campaign on Telegram, Distributing 80 Billion Tokens

Image
In a strategic move within the digital asset community, the developers behind the innovative Notcoin play-to-earn project have executed a substantial airdrop. More than 80 billion NOT tokens have been distributed, with a significant majority, exceeding 90%, delivered directly to participants engaged as "miners" on the platform. Notcoin, a pioneering play-to-earn clicker game that operates via the Telegram app, announced its recent airdrop through an official press release. The initiative saw the allocation of over 80.2 billion NOT tokens to community members active on The Open Network blockchain. According to the announcement, 90% of these tokens have been designated for "miners," while the remaining 7.9 billion are accessible through the redemption of non-fungible token (NFT) vouchers. This development precedes Notcoin’s a Read more about Notcoin Launches Major Airdrop Campaign on Telegram, Distributing 80 Billion Tokens #Cryptocurrency, #Cryptomarket, #Cryptonewst...
Read more

Tether Achieves Record $4.5 Billion Profit in Q1 2024 Amid Surging Treasury Holdings

Image
Tether, the issuer of the prominent USDT stablecoin, has reported a record-breaking net profit of $4.5 billion for the first quarter of 2024. This financial milestone was confirmed by a BDO assurance opinion, which also highlighted that Tether’s holdings in Treasury bills have surged to over $90 billion. The firm's total net equity has concurrently exceeded $11.3 billion, fueled by its diversified operations. The attestation further reveals that since the final quarter of the previous year, Tether's ownership of U.S. Treasuries and net equity have experienced substantial growth, climbing from approximately $80 billion and $7 billion, respectively. Of the $4.5 billion in net profits reported this quarter, $1 billion originated from operations associated with issuing stablecoins and managing reserves. Primarily, these profits were g Read more about Tether Achieves Record $4.5 Billion Profit in Q1 2024 Amid Surging Treasury Holdings #Blockchain, #Cryptocurrency, #Cryptomarket, #Cr...
Read more

Cryptocurrency Market Fluctuates: Fear and Greed Index Drops to Fear Level

Image
The cryptocurrency market has witnessed a notable shift in investor sentiment, with the Crypto Fear and Greed Index retracting to a level of 43, the lowest since the previous October. This decline marks a substantial move from a state of greed to one dominated by fear, suggesting an increase in investor anxiety and a bearish outlook prevailing within the market. Traditionally, a score between 26 and 46 on this index indicates that fear is likely influencing market dynamics, possibly leading to more conservative investor behavior. This shift comes amid a drastic downturn in Bitcoin prices, which has significantly affected the mood among cryptocurrency traders. Only last week, the market sentiment was categorized within the greed zone, highlighting how rapidly investor emotions have changed in response to market conditions. Adding Read more about Cryptocurrency Market Fluctuates: Fear and Greed Index Drops to Fear Level #Bitcoin, #Blockchain, #Cryptocurrency, #Cryptomarket, #Cryptonewsto...
Read more