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

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.