The digital world has been buzzing with the audacious hack of RocketSwap, a decentralized exchange built on the Base Layer 2 network. The damage? A whopping 471 ETH, equivalent to $870,000, swiped clean.
But here’s where the plot thickens. Post-heist, the hacker didn’t just vanish into the ether. Instead, they transferred the stolen assets from the Base blockchain to Ethereum and birthed a meme coin named LoveRCKT. And guess what? This cheeky token was paired with 400 ETH of liquidity on Uniswap. Despite its dubious origins, traders couldn’t resist the allure. LoveRCKT’s price skyrocketed, tripling in just a day, plummeting by over 90%.
Diving deeper into the RocketSwap saga, the security firm PeckShield highlighted the hacker’s modus operandi. The breach was attributed to a series of lapses, including RocketSwap’s use of offline signatures during launchpad deployment and the decision to store private keys on a server. The aftermath was rife with accusations, with some pointing fingers at the RocketSwap team, hinting at a potential rug pull. However, the team vehemently denied such claims, attributing the breach to a third-party hacker.
This isn’t the first time the Base network has been spotlighted for security concerns. Just a month prior, another decentralized exchange, LeetSwap, faced a similar fate, losing $630,000.
In the grand scheme of things, as the crypto world continues to evolve, so do the tactics of those looking to exploit it. The RocketSwap incident is a stark reminder of the challenges and vulnerabilities inherent in the rapidly expanding digital finance realm.
