DeFi vulnerability leading to $6.7M exploit 'not detected' by auditors
The project was previously audited by Trail of Bits and Hats Finance. Decentralized U.S. dollar stablecoin protocol Raft claims that despite multiple security audits, the firm still suffered a security exploit leading to the loss of $6.7 million last week. According to the project's Nov. 13 post-mortem report, a few days prior, a hacker borrowed 6,000 Coinbase-wrapped staked Ether (cbETH) on decentralized finance protocol Aave, transferred the sum to Raft, and minted 6.7 million Raft stablecoin, dubbed "R," using a smart contract glitch. The unauthorized minted funds were then swapped off the platform through liquidity pools on decentralized exchanges Balancer and Uniswap, netting $3.6 million in proceeds. The R stablecoin depegged after the attack. According to the report: "The primary root cause was a precision calculation issue when minting share tokens, which enabled the exploiter to obtain extra share tokens. The attacker leveraged the amplified index value...