- **RocketSwap Hack**: RocketSwap, a decentralized exchange ( #DEX ) on the Base Layer 2 network, suffered a hack resulting in the loss of 471 ETH (valued at $870,000). Security firm #PeckShield identified lapses in security that led to the breach.

- **Causes of Hack**: The hack was caused by a combination of security lapses, including the use of offline signatures in launchpad deployment and storing private keys on a server. These vulnerabilities allowed the attacker to gain access to private keys and carry out unauthorized transactions.

- **Disputed Responsibility**: #RocketSwap denies accusations of a rug pull and claims that a third-party hacker was responsible for the breach. The attacker reportedly conducted a brute force attack on the project's cloud server, enabling them to extract private keys and steal assets from the yield farm.

- **Similar Incidents on Base Network**: This incident is not isolated, as there was a previous security lapse on the Base network involving LeetSwap, a decentralized exchange, resulting in a $630,000 loss on July 31.

- **Asset Transfer and #Memecoin Creation**: Following the hack, the perpetrator moved the stolen assets to Ethereum and created a memecoin called LoveRCKT. This token was paired with 400 ETH liquidity on Uniswap, and its price surged initially but later dropped by over 90%.

- **Implications**: The RocketSwap hack highlights the ongoing #security challenges faced by decentralized exchanges and platforms in the cryptocurrency space. Investors and users are reminded of the importance of due diligence and caution when using such platforms, as security vulnerabilities can lead to significant financial losses.

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RocketSwap Labs Initiates Recovery Efforts Following $865,000 Protocol Hack ☑️

#RocketSwap Labs encountered a hack on August 14, causing a loss of approximately $865,000 (471 Ether).

They responded with an emergency plan, intending to redeploy a new farm contract while open-sourcing it on-chain. Minting rights, particularly for their token "#RCKT ," will be surrendered to prevent misuse.

The team also aims to persuade hackers to return the assets they took. The attackers exploited a vulnerability to steal 471 ETH, subsequently generating a massive 90 trillion "#LoveRCKT " tokens.

These assets, along with 400 ETH, were moved to Uniswap, compounding the challenge. Security firm PeckShield reported the breach, detailing the attacker's steps, and CertiK added further insights.

#Binance
#crypto2023

1. **RocketSwap DEX Hack**: RocketSwap, a DEX project in the #Base ecosystem, experienced a breach resulting in a #loss of 471 ETH (about $870,000).

2. **Assets Moved to Ethereum**: The stolen funds were shifted from the Base #blockchain to Ethereum. The hackers swiftly introduced a Memecoin called LoveRCKT.

3. **LoveRCKT Price Manipulation**: LoveRCKT was paired with 400 #ETH liquidity on Uniswap, leading to a rapid price increase from $0.00000001 to $0.00000003. Subsequently, the liquidity was withdrawn, causing the token's value to plummet by over 90%.

4. **Private Key Vulnerability**: RocketSwap acknowledged that the breach occurred due to a brute-force attack on their stored private key, which was located on a server. As a preventive measure, the platform has suspended its farming activities.

5. **Immediate Response**: In response to the incident, #RocketSwap took quick action to minimize further losses and secure its infrastructure, highlighting the challenges and risks associated with decentralized exchanges.

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