RocketSwap Labs Launches Emergency Recovery Plan After $865K Hack

RocketSwap Labs Launches Emergency Recovery Plan After $865K Hack

News, Altcoin news

In the aftermath of a recent brute force hack that resulted in the theft of over $865,000 worth of Ether (ETH) from the RocketSwap Labs protocol, the project has swiftly initiated an emergency recovery program. The incident, which occurred on August 14th, has prompted RocketSwap Labs to take immediate action to mitigate the impact and ensure the safety of its platform and users’ funds.

Bracing Against Security Breach

RocketSwap, a decentralized exchange operating on the newly launched Base mainnet by Coinbase, has fallen victim to a significant security breach. Recognizing the gravity of the situation, RocketSwap Labs is actively responding to the hack, demonstrating its unwavering commitment to safeguarding its ecosystem and the assets of its users.

Unveiling the Response

In the wake of the attack, RocketSwap Labs took to social media to communicate its efforts. The project’s official Twitter account shared crucial insights, acknowledging that offline signatures were employed during the launchpad deployment, and private keys were stored on the server. The hack exploited a vulnerability in the proxy contract utilized for the farm, leading to the unfortunate security breach.

Coordinated Attack Timeline

The hack, executed at 11:06 UTC on August 14th, targeted approximately 471 Ether (ETH) from the Base project’s protocol. Exploiting a vulnerability, the attacker maneuvered the stolen funds from the Base blockchain to the Ethereum blockchain. This malicious transfer did not escape the vigilant eyes of blockchain security firm PeckShield, who promptly detected and reported the transition.

Creation of “LoveRCKT” Token

In a concerning twist, the hackers minted a new token dubbed “LoveRCKT” following the breach. This nefarious creation became the conduit for the movement of the stolen assets. A staggering 90 trillion LoveRCKT tokens and 400 ETH were transferred to Uniswap, a decentralized trading platform. This development highlights the innovative strategies employed by cybercriminals to exploit security vulnerabilities.

An Unconventional Appeal

RocketSwap Labs, in a bold move, issued a plea to the hacker through its official Twitter account, urging the return of the stolen amount. However, the message did not extend to the offering of a bounty or rewards as an incentive for the attacker’s cooperation. This unconventional appeal underscores the urgency of the situation and the desire to rectify the breach’s aftermath.

In conclusion, RocketSwap Labs’ swift response in the wake of the security breach exemplifies its dedication to the security and integrity of its platform. As the project navigates the aftermath of the hack and works towards recovery, the incident serves as a stark reminder of the challenges inherent in the rapidly evolving landscape of decentralized exchanges. The proactive steps taken by RocketSwap Labs underscore the industry’s commitment to continuous improvement and resilience in the face of adversity.

blockchain, Coinbase, ETH, hack, UNISWAP