RocketSwap on Base Hacked: Thief Swipes 870,000 Dollars and Unveils Memecoin

Crypto News– RocketSwap, a decentralized exchange operating on the Base Layer 2 network, has fallen victim to a cyberattack resulting in the misappropriation of 471 ETH (equivalent to $870,000), as confirmed by cybersecurity firm PeckShield.

RocketSwap on Base Hacked: Thief Swipes 870,000 Dollars and Unveils Memecoin

The incident’s root causes were identified by RocketSwap‘s team, attributing the breach to a series of oversights. These include the ill-advised implementation of offline signatures during the launchpad deployment and the ill-fated decision to store private keys on the server.

In the aftermath of the breach, accusations surfaced on social media, hinting at the potential of a rug pull, yet the team remains steadfast in asserting that an external malicious actor is at fault. According to the team’s account, the hacker engaged in a forceful assault on a cloud server utilized by the project. This breach granted the attacker access to RocketSwap’s private keys, facilitating asset transfers from the platform’s yield farm.

“We deeply regret to inform our community that our deployment of the launchpad included the utilization of offline signatures, along with the storage of private keys on our server. A determined brute force attack was detected on our server, exploiting the proxy contract associated with our farm contract. This sequence of events led to the unauthorized transfer of the farm’s assets,” the team disclosed.

This recent security compromise marks the second notable breach within a short span on the Base network. Earlier, LeetSwap, another decentralized exchange, fell prey to a hack, suffering a loss of $630,000 on July 31.