• Thu. Jul 18th, 2024

$865K Hack: New Blockchain Project Hit

Avatar photo

ByMarcel Bich

Sep 6, 2023
$865K Hack: New Blockchain Project Hit
Marcel Bich
Latest posts by Marcel Bich (see all)

On August 14, a Base RocketSwap blockchain project suffered a hack resulting in the loss of 471 Ether (ETH), equivalent to approximately $865,000, as reported by the PeckShield team.

The attacker orchestrated the theft by transferring the 471 ETH from Base to Ethereum. Subsequently, they generated 90 trillion LoveRCKT tokens and moved them along with 400 of the stolen ETH to the Uniswap crypto exchange.

RocketSwap acknowledged that a brute force server breach occurred, leading to high-risk authorizations due to the proxy contract utilized in the farming contract. This situation prompted the transfer of farm assets, leading them to halt farming to prevent further harm.

RocketSwap‘s Action Plan

Addressing the exploit aftermath, RocketSwap outlined their response plan. The team intends to re-deploy a fresh farming contract while surrendering mining rights. They also plan to engage with the hackers to negotiate the return of the stolen funds.

RocketSwap communicated their extended actions: locking down liquidity and 80,000 tokens for an additional year, progressing with the Launchpad rollout, and planning further updates. Telegram groups will be reopened once stability is regained, and an appeal was made to the hackers to return assets to the victims.

Leading DEX on Base Suspended Trading

LeetSwap, a decentralized crypto exchange on Base, temporarily suspended trading in early August due to potential exploitation concerns. The project cited possible compromise of pool liquidity, prompting the temporary trading halt for investigative purposes.

PeckShield also revealed that Base’s liquidity pairs were exploited for around 340 ETH (approximately $630,000). Consequently, the attacker utilized LeetSwap to pilfer about $630,000 worth of ETH from various liquidity token pairs on the decentralized exchange (DEX).

 
Avatar photo

Marcel Bich

Marcel ‘s passion for the world of cryptocurrencies and his comprehensive knowledge of blockchain technology make him an invaluable asset to our team. He stays updated on the latest trends, regulations, and emerging technologies in the crypto space, ensuring that our audience receives accurate and up-to-date information.