RocketSwap Labs Recovers from Hack

Base project RocketSwap Labs has defined its emergency plans to recover from a brute-force hack that occurred on August 14.

The hack resulted in the theft of $865,000, or 471 ethers, from the protocol. The group stated on August 15 that they want to re-deploy a new farm contract and open-source it on-chain.

They will also renounce minting rights (probably to RCKT) and they will shortly call on the hackers to restore the assets, among other things.

According to blockchain security startup PeckShield, on August 14, a hacker stole roughly 471 ETH and bridged it from Base to Ethereum.

This incident occurred on the blockchain. According to the explanation, the exploiter proceeded to manufacture 90 trillion “LoveRCKT” tokens before sending them along with 400 ETH to the Uniswap exchange.

On August 14, at 11:06 UTC, RocketSwap Labs confirmed the news. A few hours later, PeckShield and another blockchain security firm, CertiK, provided additional data regarding the exploit.

RocketSwap Labs has stated that the issue was caused by a brute-force assault on the server that hosts the protocol.

“A brute force hack of the server was detected, and due to the proxy contract used for the farm contract, there were multiple high-risk permissions that led to the transfer of the farm’s assets. We shut down the farm to prevent further damage.”

RocketSwap is a decentralized exchange on Base, and the company has stated that they intend for it to eventually become community-owned through a decentralized autonomous organization.