RocketSwap Labs’ Recovery Strategy
RocketSwap Labs has revealed its plan to recover from a recent hack that resulted in the loss of $865,000 (471 ETH). The decentralized exchange on Base will introduce a new farming contract and share it on the blockchain, among other measures. The team will also renounce their minting privileges, retaining only low-risk allocation rights for new pools.
Key Points:
- RocketSwap will redeploy a new farm contract and eliminate the proxy contract.
- They will share the open-source version of the new farm contract on the blockchain.
- The production reduction plan will be advanced by 0.075 per block.
- The team will relinquish their minting privileges and retain only low-risk allocation rights.
- An investigation revealed that offline signatures and storage of private keys on the server were necessary during the deployment process.
This announcement comes after RocketSwap admitted the loss of users’ funds due to a hacker stealing approximately 471 ETH. The hack was carried out through a brute force attack that targeted the server infrastructure.
Recent incidents like this, as well as others in the DeFi space, have highlighted the need for stronger security measures and regulation within the cryptocurrency sector.
Hot Take: RocketSwap Labs’ recovery strategy is a step in the right direction, but the incident raises concerns about the platform’s security practices. The crypto community must continue pushing for stronger security measures to protect user funds.
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