On Monday, the DeFi platform Raft was hacked for $3.3 million worth of Ethereum (ETH). According to decentralized finance (DeFi) analytics firm DaniiLabs, a malicious actor breached the protocol, taking control of the smart contract and draining ETH worth $3.3 million in just seven transactions.
The attacker quickly moved the funds to a wallet address and attempted to liquify them into another address, but the transactions were stopped by the Raft Foundation after they identified the attack within minutes.
The attacker, however, had already managed to convert 60 percent of the stolen funds into smaller transactions and burn them. It is believed that the attacker was looking to launder their ill-gotten gains and, in a effort to get away with the remaining 40 percent, burned the converted ETH.
Although the attack was stopped, the lost ETH is unrecoverable. The Raft Foundation has yet to comment on the incident.