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After the hacker attack, the US dollar stablecoin R plunged 50% in a short time and is now trading at $0.89

After the hacker attack, the US dollar stablecoin R plunged 50% in a short time and is now trading at $0.89

CointimeCointime2023/11/10 23:15
By:Cointime

DeFi platform Raft suffered a hacker attack early this morning, resulting in a loss of about 3.3 million US dollars worth of ETH. Coinmarketcap data shows that Raft's stablecoin R, which is pegged to the US dollar, immediately dropped by 50%, but later rebounded to around 70 cents and is currently trading at 0.89 US dollars, with a 24-hour decline of 10.64%. Raft co-founder David Garai confirmed the attack on X platform, stating that the hacker minted R tokens and then sold them to exhaust the liquidity of the automated market maker, while extracting collateral from Raft.

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