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Raft

avoid.net/raft→22/100·82% conf.
[AI-DRAFTED · AWAITING VERIFICATION][src:defillama]
anchored·57LK9y…S976

Summary

Raft is a decentralized Ethereum CDP lending protocol that issued the R stablecoin, collateralized by liquid staking tokens (stETH, rETH). On November 10, 2023, an attacker exploited a precision loss vulnerability to mint approximately $6.7 million in unbacked R tokens, draining 1,577 ETH from the protocol and causing the R stablecoin to depeg by up to 50%. Due to a coding error the attacker burned 1,570 of the stolen ETH to an inaccessible burn address, effectively losing money on the attack; the protocol subsequently implemented a partial recovery plan offering approximately 42% restitution to affected users and announced plans to phase out the current version.

Connected Entities

1 entities
Organizations
□Raft
Relationships
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    Timeline(11 events)

    2021-05-01

    David Garai founds Tempus Finance, the parent organization behind Raft.

    2022-08-01

    Tempus Labs launches Nostra Finance on StarkNet.

    2023-03-01

    Raft protocol officially announced; enables borrowing of R stablecoin against stETH collateral on Ethereum mainnet.

    2023-06-01

    Raft deploys to Ethereum mainnet.

    2023-07-01

    Raft TVL peaks at approximately $64 million.

    2023-11-10

    Attacker uses flash loan of 6,000 cbETH to exploit precision loss vulnerability, minting ~6.7 million unbacked R tokens and draining 1,577 ETH (~$3.3M). Attacker burns 1,570 ETH by mistake. R stablecoin depegs by up to 50%.

    2023-11-10

    Raft pauses R stablecoin minting. Co-founder David Garai confirms the attack on X and pledges recovery effort using PSM funds.

    2023-11-13

    Raft publishes post-mortem report acknowledging audit failures and precision loss root cause.

    2024-01-01

    Raft finalizes recovery plan offering approximately 42% restitution to affected R stablecoin holders, funded by 3.96 million DAI from the PSM.

    2024-03-31

    Deadline for affected users to claim funds under the Raft Recovery Plan.

    2024-06-01

    Protocol TVL has declined to approximately $1.48 million; R stablecoin remains depegged with minimal liquidity.

    Provenance & Audit Trail
    Anchored on SolanaVerify on-chainsrc:defillama

    Decision Log

    This investigation is cryptographically anchored to the Solana blockchain and source URLs are archived via the Internet Archive.

    full audit log →version history →

    model: claude-sonnet-4-6

    generated: 5/4/2026, 2:54:37 AM

    last updated: 5/27/2026, 6:53:47 PM

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