How much was lost in the Raga Finance hack?

The Raga Finance hack resulted in $18K in losses on November 22, 2025.

What attack technique was used in the Raga Finance exploit?

The Raga Finance exploit utilized HyperEVM Delta Neutral Exploit. 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.

Raga Finance Hack

TOTAL LOST $18K

Low Nov 22, 2025 HyperEVM Delta Neutral Exploit hyperliquid l1

Affected Chain hyperliquid l1 Incident surface

Recovered - No recovery reported

All-Time Rank #1890 By amount stolen

Protocol Type Yield Aggregator Target category

Incident Overview

Raga Finance brings institutional-grade structured products to help DeFi users maximize returns. Our one-click vaults simplify access to advanced yield strategies like autocompounding, looping, and more.

Incident Report

Protocol / Project Raga Finance

Date of Incident November 22, 2025

Affected Chain(s) hyperliquid l1

Attack Technique HyperEVM Delta Neutral Exploit

Classification Infrastructure

Primary Source View Post-Mortem

Protocol Information

Protocol Type Yield Aggregator

Smart Contract Language Solidity

Official Website app.raga.finance/

Protocol Twitter/X @ragafinance

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 hyperevm delta neutral exploit and Solidity and EVM internals

Capital Required Seed capital to cover gas and initial position setup

On-Chain Access Ability to interact with hyperliquid l1 smart contracts and deploy a custom exploit contract

Protocol Analysis Identification of the exploitable vulnerability in Raga Finance's contract logic - root cause: infrastructure

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 HyperEVM Delta Neutral Exploit audit checklist and test coverage

If you're auditing a protocol with similar architecture to Raga Finance, these are the critical security checks that could have prevented this incident (November 2025).

Verify all logic paths related to HyperEVM Delta Neutral Exploit 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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Sources & References

01
Source 1 https://x.com/ragafinance/status/1994384974049591647

Threat Assessment

Severity Level

LOW

Attack Vector HyperEVM Delta Neutral Exploit
Root Cause Infrastructure
Year 2025

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