Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesBotsEarnCopy
Stablecoin protocol Raft: A recovery plan is being formulated to compensate users for their losses, and speculative trading in R is not recommended.

Stablecoin protocol Raft: A recovery plan is being formulated to compensate users for their losses, and speculative trading in R is not recommended.

CointimeCointime2023/11/11 13:57
By:Cointime

On November 11th, Raft, a stablecoin protocol, announced on social media that they are developing a comprehensive recovery plan and will release detailed information within the next week to compensate affected users. Currently, the Raft contract has been suspended, but all stablecoin R issuers can fully repay to retrieve their collateral. Meanwhile, Raft officials recommend against speculative trading of R due to the existence of unsupported R in circulation. In future plans, Raft's current version will be phased out and Raft DAO will focus on launching a new and secure version. Earlier, Raft stablecoin protocol was attacked this morning, resulting in damages of approximately $3.3 million. Attackers minted stablecoin R and sold it to exhaust the liquidity of automated market makers while extracting collateral from Raft. This caused a sharp drop in the stablecoin R price, which began to deviate from its anchor at 2:50 Beijing time and fell by a maximum of 86.59% on the same day.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Genius Group Ordered to Sell Bitcoin Holdings

Genius Group must sell 10 BTC due to a court order, slashing its crypto treasury and market cap significantly.Unexpected Setback for Genius GroupMarket Cap Falls Below Bitcoin ReservesConcerns About Stability and Transparency

Coinomedia2025/04/04 14:11
Genius Group Ordered to Sell Bitcoin Holdings

Ethereum Price Sees 4 Straight Red Months

Ethereum has closed four red months in a row, but long-term holders remain hopeful for a rebound.Ethereum’s Tough Streak ContinuesHope on the Horizon for Ethereum Holders

Coinomedia2025/04/04 14:11
Ethereum Price Sees 4 Straight Red Months

Nexchain Emerges as April’s Best ICO: A New Era for Blockchain

Nexchain is committed to facilitating interoperability from one blockchain to the next through artificial intelligence, allowing for cross-chain communication and operational efficienciesConclusion

Coinomedia2025/04/04 14:11
Nexchain Emerges as April’s Best ICO: A New Era for Blockchain

Bitcoin Volatility Expected as U.S. Jobs Report Looms

U.S. jobs data and Powell’s speech today could trigger major Bitcoin volatility. Here’s what to watch.What to Expect from Today’s Market MovesWhy Bitcoin Traders Are Watching Closely

Coinomedia2025/04/04 14:11
Bitcoin Volatility Expected as U.S. Jobs Report Looms