R Coin is a stablecoin that maintains its value by depositing support unrelated to the original currency, equivalent to just 6 cents to the dollar. Raft was hacked, allowing the perpetrator to withdraw 1,577 ETH from Ethereum.
The perpetrator was able to generate a large amount of R Coin and then sell it on the market, ultimately withdrawing Ethereum. However, during the process, they made a critical mistake as the Ethereum was transferred to a burn address, resulting in the perpetrator losing gas fees during the transfer.
TLDR: R Coin, a stablecoin, faced a security breach when Raft was hacked, resulting in the withdrawal of 1,577 ETH. The perpetrator’s attempt to exploit the situation by generating and selling R Coin led to losses due to the accidental transfer of Ethereum to a burn address.