Raft’s $R Stablecoin Suffers $3 Million Exploit

An attacker was able to mint 6.7 million uncollateralized R using a series of flash loans.

Raft’s $R Stablecoin Suffers $3 Million Exploit

Quick Take

  • Raft suffers a $3.3 million exploit.
  • Obol mainnet open beta on December 1st.
  • Aragon introduces a plugin for multichain governance.
  • EtherRock NFT sells for 100 ETH.

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Raft Suffers $3 Million Exploit

Stablecoin protocol Raft experienced an exploit resulting in a loss exceeding $3 million. Raft allows users to mint its R stablecoin through CDPs using ETH or LSTs as collateral. An attacker was able to mint 6.7 million uncollateralized R using a series of flash loans. The stablecoins were then swapped for ETH on Balancer. Unexpectedly, the attacker burned 1,570 ETH, valued at around $3.3 million, by transferring it to a null address. Defillama engineer 0xngmi noted that the burn led to a net loss for the attacker. Raft has since halted the minting of new R. Users who have active positions on Raft can still repay their positions and withdraw their collateral.

Obol Network Mainnet Open Beta

Obol Network is set to launch its Mainnet Open Beta on December 1st, allowing anyone to operate distributed validators (DVs) on mainnet. The DVs, which distribute a validator's key across multiple nodes, enhance Ethereum’s fault tolerance by ensuring continued validation even if a node in the cluster goes offline. Obol also introduced the Obol SDK, a TypeScript tool for creating and managing DV clusters, and Obol Splits, a series of smart contracts for handling reward, principal, and fee allocation within DV Clusters. Obol is also initiating a credential program for validators who successfully complete DV-related tasks.

Aragon Plugin For Multichain Governance

Aragon introduced a multichain governance plugin that uses LayerZero for cross-chain messaging and zkSync Era for cost-effective vote settlement. The plugin allows DAOs to manage assets and permissions across multiple EVM chains from a single mainnet DAO contract, helping improve cross-chain protocol governance. The plugin is open-source and will be available on the Aragon App in early 2024.

EtherRock Sells For 100 ETH

An EtherRock NFT sold for 100 ETH, which is equivalent to approximately $209,000. EtherRock is a collection consisting of 100 NFTs, each featuring a distinct clipart image of a rock. The collection was originally created in 2017. Following the sale, the minimum price to acquire an EtherRock is now 150 ETH.

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