- **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.
