The RocketSwap Emergency Plan
– RocketSwap has shared an emergency plan with users after losing 471 ETH in a brute force hack on August 14th.
– The team plans to redeploy a new farm contract and open-source it on-chain.
– They will relinquish mining rights and reach out to the hackers to negotiate a return of the stolen assets.
– This approach has been taken by other decentralized protocols like Curve.
– The team also plans to extend locked initial liquidity and continue rolling out LaunchPad.
The RocketSwap Hack
– On April 14th, a hacker stole 471 ETH from RocketSwap and created 90 trillion LoveRCKT tokens.
– The hacker transferred the tokens to Uniswap along with 400 of the stolen ETH.
– The hack was detected by blockchain security firm PeckShield.
– RocketSwap confirmed the news and additional details were provided by PeckShield and CertiK.
– The attack was attributed to a brute force attack on RocketSwap’s server.
Growing Headaches On Base
– Coinbase’s layer-2 blockchain Base has faced issues, including a security vulnerability flagged by LeetSwap.
– LeetSwap suspended trading operations to investigate the issue further.
– PeckShield reported that around 340 ETH was exploited from liquidity pairs on Base.
– The BALD memecoin also suffered a drop in value after its developer withdrew 6800 ETH from liquidity pools on LeetSwap.
– Coinbase is dealing with regulatory challenges and has been ordered by the SEC to stop all crypto trading except for Bitcoin.
Hot Take
RocketSwap’s emergency plan shows their commitment to recovering from the hack and protecting users. It remains to be seen whether they will be successful in negotiating the return of stolen assets. The hack highlights the ongoing security challenges faced by decentralized protocols. Coinbase’s troubles on the Base blockchain add to the growing list of issues they are dealing with. The regulatory challenges they face could have significant implications for the future of cryptocurrency trading.
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