RocketSwap Announces Recovery Plan after Brute Force Hack
The second-largest decentralized exchange on the newly released Base blockchain – RocketSwap – announced eliminating any existing high risks and vulnerabilities a day after sustaining a “brute force hack of the server” where the platform stored its private keys.
- RocketSwap team relinquishes minting rights, retains only low-risk rights to allocate new pools
- Locked initial liquidity and 80k tokens extended for 1 year
- Hackers stole $865,000 or 471 Ether from RocketSwap and bridged it to Ethereum
- Attackers generated 90 trillion tokens named “LoveRCKT” and moved them to Uniswap
- RocketSwap redeployed a new farm contract, dropped proxy contract, and open-sourced it on-chain
The breach prompted RocketSwap to redeploy a new farm contract by dropping the proxy contract and open-sourcing it on-chain. As part of the emergency program, the DEX announced a new farm in a bid to advance the production reduction plan by 0.075 per block. Among other things, RocketSwap also revealed its intention to call on the hackers to return the assets. This was the second project on Coinbase-incubated layer 2 solutions, Base, to have suffered an attack. Earlier this month, another DEX on Base called LeetSwap was drained off 342.5 ETH.
Hot Take
RocketSwap’s response to the hack demonstrates their commitment to securing their platform and protecting user assets. By eliminating high risks and vulnerabilities, and implementing a recovery plan, they are taking proactive steps to prevent future attacks. It’s unfortunate that they suffered this breach, but their quick action and transparency in addressing the issue is commendable. Hopefully, they will be able to recover the stolen assets and continue to provide a secure and reliable decentralized exchange experience.
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