The defi platform Raft has temporarily suspended the minting of its R stablecoin due to a security vulnerability that resulted in a substantial loss.
The company is currently investigating the incident and has promised to keep its users updated. Existing users, however, can continue with loan repayments and collateral retrieval.
Raft co-founder David Garai confirmed the attack on their platform, which saw the assailant minting R tokens and draining automated market maker liquidity while withdrawing collateral from Raft concurrently.
The defi lending platform issues the R stablecoin collateralized by liquid staking ETH derivatives. According to Garai, the company is now focused on securing its users’ operations and restoring stability to its platform.
The disruption caused the R stablecoin t
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Author: Julius Mutunkei