The Block13 minutes ago

Published on November 10, 2023 23:48 GMT+00:00edited on November 10, 2023 23:49 GMT+00:00

DeFi platform Raft paused further minting of its stablecoin known as R on Friday after it acknowledged what it said was a "security vulnerability."

"We are currently investigating and will provide an update as soon as we can," it wrote on X. "Existing users are still able to repay their positions and receive their collateral."

Users on social media pointed to onchain data that showed a presumed hacker had burnt millions worth of ether in the apparent exploit. Wintermute Head of Research Igor Igamberdiev said 6.7 uncollateralized R stablecoin had been minted and then converted into ether.

"The twist is that they converted them into ETH, which was sent to the null address," he wrote on X, detailing an apparent coding mistake. "Instead of sending ETH to the attacker, coins went to the …