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Raft

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

Auto-generated score, not yet verified against the scoring model. Under review — treat as indicative, not a verdict.

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
    Have evidence about Raft?

    Timeline(11 events)

    May 2021

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

    August 2022

    Tempus Labs launches Nostra Finance on StarkNet.

    March 2023

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

    June 2023

    Raft deploys to Ethereum mainnet.

    July 2023

    Raft TVL peaks at approximately $64 million.

    10 November 2023

    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%.

    10 November 2023

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

    13 November 2023

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

    2024

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

    31 March 2024

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

    June 2024

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

    Provenance & Audit Trail
    Anchored on SolanaVerify on-chain12 Wayback Archivessrc:defillama

    Decision Log

    This investigation is cryptographically anchored to the Solana blockchain (1 event). 12 of 15 cited source URLs have an Internet Archive snapshot.

    full audit log →version history →

    model: claude-sonnet-4-6

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

    last updated: 8/30/2026, 5:14:09 AM

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