Meme Coin Base DEX RocketSwap Hit by $866K Exploit

RocketSwap, the second-largest decentralized alternate by buying and selling quantity on Base, was hacked for round $866,500 resulting from a non-public key compromise from their on-line servers.

The DEX led Base’s meme coin hype after its mainnet launch final week. Base is an Ethereum layer-2 answer incubated by Coinbase.

RocketSwap’s staff detected a hack early Tuesday morning because it tweeted about an “anomaly” in its DeFi farms.

RocketSwap’s farms are specialised swimming pools that present extra yield within the protocol’s native RCKT tokens for liquidity suppliers.

An hour later, the staff confirmed the hack citing a “brute power hack of the server” the place the staff saved its non-public keys.

Hackers drained the farm of the challenge’s governance token RCKT and Wrapped Ethereum (WETH) and later transformed RCKT tokens to roughly 471 ETH value $866,500.

The staff shut down the farm and revoked and “waived” the “minting rights” for brand spanking new positions.

Blockchain safety agency PeckShield confirmed that the exploiter bridged roughly 471 ETH from Base to Ethereum.

RocketSwap made a “name on hackers” to return stolen belongings.

RocketSwap didn’t instantly reply to Decrypt’s request for remark.

RocketSwap Hacker launches meme coin

PeckShield additionally discovered that the deal with later used the funds to create a meme coin known as LoveRCKT and equipped it with 400 ETH liquidity on Uniswap.

Meme cash are tokens impressed by web memes or resonate amongst a group. The market’s largest meme cash by market capitalization are Dogecoin (DOGE) and Shiba Inu (SHIB).

The RocketSwap staff defined in a autopsy of the assault that the staff “wanted to make use of offline signatures when deploying the launchpad.”

The launchpad is a brand new characteristic of RocketSwap which helps new DeFi tasks elevate capital through an preliminary token sale.

RocketSwap staff will “redeploy a brand new farm contract” by eradicating that vulnerability that allowed the hackers to steal funds from the farm. They’ll transfer forward with the Launchpad plans as properly.

One other DEX on Base, LeetSwap was exploited at the beginning of this month.