Raft Protocol
Last changed 2026-10-10 · Score recalculated — Rescored under Scoring v2, the published formula (avoid.net/scoring): 12 → 47. Problems weighed by who is responsible: incidents the subject suffered −20, concerns that are not fraud −6, problems around the subject, caused by others −1.8; the penalty for incidents it suffered is capped at 20. Version history →
Why this score
| Every page starts at | 65 |
| Concerns that are not fraud | -6 |
| Incidents it suffered (e.g. hacks) | -20 |
| Problems around it, caused by others | -1.8 |
| Sum | 37 |
- The penalty for incidents it suffered is capped at 20 points.
Score: 47/100 (kept between 0 and 100)
How scoring works →Summary
Raft Protocol was an Ethereum-based over-collateralized stablecoin protocol that allowed users to mint R, a USD-pegged stablecoin, against liquid staking derivative (LSD) collateral such as stETH and cbETH. On November 10, 2023, an attacker exploited a precision rounding error in the protocol's share-token minting contract using a flash loan, minting approximately $6.7 million in unbacked R stablecoins and draining roughly $3.3 million worth of ETH from the protocol. In a notable twist, the attacker lost money on the exploit — a coding error in their own attack script sent 1,570 ETH (~$3.25 million) to a burn address, leaving them with a net loss of approximately 4 ETH after gas and flash loan costs.
Connected Entities
5 entities · 60 linked investigations- Ethereum→mentioned with→Coinbase(60%)
- Raft Protocol→mentioned with→Ethereum(80%)
- Raft Protocol→mentioned with→Balancer(70%)
- Raft Protocol→mentioned with→Uniswap(70%)
- Raft Protocol→mentioned with→Coinbase(65%)
- Balancer→mentioned with→Ethereum(70%)
- Uniswap→mentioned with→Ethereum(80%)
Timeline(6 events)
2023
Raft Protocol launched on Ethereum mainnet as an LSDfi over-collateralized stablecoin protocol backed by stETH/cbETH collateral.
The Block10 November 2023
Attacker borrowed 6,000 cbETH via Aave flash loan, donated cbETH to inflate the collateral index in rcbETH-c contract, exploited a precision rounding error (divUp rounding up instead of down) to accumulate inflated share tokens, then redeemed them for cbETH and minted approximately 6.7 million unbacked R stablecoins.
CoinDesk10 November 2023
Attacker sold 6.7 million R tokens into Balancer and Uniswap liquidity pools, netting approximately 1,577 ETH (~$3.3M). A bug in the attacker's exploit script sent 1,570 ETH to a burn address, destroying ~$3.25M irreversibly. Attacker retained only 7 ETH, resulting in a net loss of ~4 ETH after the 18 ETH attack setup cost.
Web3 Is Going Great10 November 2023
R stablecoin lost its $1 peg, falling approximately 50% to around $0.50–$0.70. Raft paused all smart contract minting operations.
Bankless Times11 November 2023
Raft published official post-mortem identifying precision loss in share token minting as the root cause. Team announced police report filed and cooperation with law enforcement and centralized exchanges.
Mirror.xyz (Raft Official)17 November 2023
Raft published revised recovery plan setting a ~42% recovery rate for affected users and LPs, using protocol-owned sDAI from the Peg Stability Module.
Raft Governance ForumDecision Log
- slot 457456838 · hash CpKQUeXVeXeVxQp6oqcTN1nBsPVdcRjwkzVe1KHr28CW
- slot 455359176 · hash FZH5wHVznUnV2sjRWR84bkMsmL2cGBaMS6S75kTTgA5v
- slot 424182415 · hash GBZsWX8gFnPUBh19bEH82JsjsC2Yyt6GRN8bdXesFCEK
- slot 424182413 · hash JBpvcGjgGJAcwYBdPV449DNRQ3dmF8z3CBnRP6uRX6EJ
- slot 423640398 · hash 4jJaSDdmPAorT9vpWn6ZvJdWK7YEqB1xdbb21FhJvBnG
This investigation is cryptographically anchored to the Solana blockchain (5 decisions). 10 of 14 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-6
generated: 6/1/2026, 5:48:52 PM
last updated: 10/10/2026, 6:40:38 PM
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