How much was lost in the Raft hack?

The Raft hack resulted in $3.3M in losses on November 10, 2023.

What attack technique was used in the Raft exploit?

The Raft exploit utilized Infinite Mint and Dump / Other. Understanding this attack vector is critical for smart contract auditors and developers building secure DeFi protocols.

How can developers prevent similar smart contract attacks?

Preventing smart contract hacks requires a combination of secure coding practices, thorough security audits, and understanding common attack vectors like reentrancy, oracle manipulation, and access control flaws. Smart Contract Hacking (SCH) provides hands-on training to help developers and auditors identify and prevent vulnerabilities before deployment.

Raft Hack

TOTAL LOST $3.3M

Medium Nov 10, 2023 Infinite Mint and Dump / Other ethereum

Affected Chain ethereum Incident surface

Recovered - No recovery reported

All-Time Rank #529 By amount stolen

Auditors 2 Prior security audits

Incident Overview

Quick Summary

Raft lending platform was exploited due to a precision calculation issue, resulting in a loss of 3,304,406 USD worth 1575.67 ETH.

Details of the Exploit

Raft is a lending and borrowing platform that runs R stablecoin. On November 10, 2023, a precision calculation issue was exploited, allowing the attacker to mint ~$6.7 million unbacked R and sell R, causing R's depeg. The attacker borrowed 6,000 cbETH from AAVE via a flash loan and exploited the divUp function's behavior to mint extra share tokens.

They then redeemed a nominal amount of rcbETH-c for a significant quantity of cbETH and borrowed substantial amounts of R. The attacker swapped the minted R for 1575 ETH, but burned 1,570 ETH, resulting in a loss of 3,304,406 USD worth 1575.67 ETH for the project.

Block Data Reference

Attacker Address:

https://etherscan.io/address/0xc1f2b71A…d439fA

Malicious Transaction:

https://etherscan.io/tx/0xfeedbf51…75ace7

Malicious Contract Address:

https://etherscan.io/address/0x0A334012…315ef8

TornadoCash Funding Transaction:

https://etherscan.io/tx/0x86e9ee13…7ea50e

Incident Report

Protocol / Project Raft

Date of Incident November 10, 2023

Affected Chain(s) ethereum

Attack Technique Infinite Mint and Dump / Other

Classification Protocol Logic / Stablecoin,Borrowing and Lending

Primary Source View Post-Mortem

Protocol Information

Protocol Type CDP

Affected Token RAFT

Smart Contract Language Solidity

Official Website www.raft.fi/

Protocol Twitter/X @raft_fi

Team Anonymous

Source Code Verified On-Chain

Market Context at Time of Hack

Token Categories

Memes Solana Ecosystem

Protocol Links

What the Attacker Needed to Succeed

Understanding the prerequisites for this type of attack helps auditors identify protocols that are most at risk and helps developers build better defenses.

Technical Knowledge Deep understanding of infinite mint and dump / other and Solidity and EVM internals

Capital Required Seed capital to cover gas and initial position setup

On-Chain Access Ability to interact with ethereum smart contracts and deploy a custom exploit contract

Protocol Analysis Identification of the exploitable vulnerability in Raft's contract logic - root cause: protocol logic / stablecoin,borrowing and lending

Execution Speed Precise transaction ordering and timing to exploit the vulnerability within a single atomic block

Obfuscation Plan A strategy to launder and move stolen funds - typically through mixers, cross-chain bridges, or decentralized DEX swaps to resist tracing

What Auditors Should Check

Could this have been caught in audit? Likely — with a thorough Infinite Mint and Dump / Other audit checklist and test coverage

Audited by Audit Report 1, Audit Report 2 — still lost $3.3M. Prior audits don't guarantee safety, especially after post-audit code changes.

If you're auditing a protocol with similar architecture to Raft, these are the critical security checks that could have prevented this incident (November 2023).

Verify all logic paths related to Infinite Mint and Dump / Other are guarded by proper access controls and input validation
Review privileged functions (owner, admin, governance) for potential abuse vectors - centralization risks should be documented and bounded with timelocks or multi-sigs

Master these auditing techniques with hands-on labs and real exploit scenarios in the Smart Contract Hacking course.

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Security Audit History

Audit Report 1 Report
Audit Report 2 Report

Proof-of-Concept Exploits

1 PoC available

poc-exploits - raft

$ Raft_fi Donate Inflation ExchangeRate & Rounding Error

On-Chain Evidence & References

Twitter/X Alert https://twitter.com/BlockSecTeam/status/1723229393529835972

Sources & References

01
Source 1 https://twitter.com/AnciliaInc/status/1723055359034568828
02
Web Archive https://archive.ph/JcoRU
03
Reference https://mirror.xyz/0xa486d3a7679D56D545dd5d357469Dd5ed4259340/_N…
04
Reference https://www.coindesk.com/tech/2023/11/10/defi-platform-raft-suff…

Threat Assessment

Severity Level

MEDIUM

Attack Vector Infinite Mint and Dump / Other
Root Cause Protocol Logic / Stablecoin,Borrowing and Lending
Year 2023

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