The decentralized exchange RocketSwap, created on the basis of the Base layer network, was hacked and lost 471 ETH. The hacker who hacked into the exchange created a meme token called LoveRCKT.
Cybersecurity experts PeckShieldAlert reported that the attacker managed to steal $870,000 worth of ETH from RocketSwap.
The technical experts of the exchange found out the cause of the hack – the RocketSwap team used offline signatures when deploying the launchpad and stored private keys on the server.
To attack, the hacker used the “brute force” method or brute force, sorting through the keys in the hope of picking up a valid one.
As a result of the team’s investigation
We are sorry to inform you that the team needed to use offline signatures when deploying the launchpad and put the private keys on the server.
A brute force hack of the server was detected, and due to the proxy contract used for the farm…— RocketSwap (@RocketSwap_Labs) August 14, 2023
The hacker transferred the stolen crypto assets from Base to the Ethereum blockchain and then created the LoveRCKT token.
The hacker transferred 90 trillion LoveRCKT and 400 ETH to the Uniswap decentralized exchange.
The LoveRCKT rate tripled in just one day, rising from $0.00000001 to $0.00000003, but later completely zeroed out.
The RocketSwap hack was the second major security breach on the Base network. Two weeks ago, LeetSwap, a decentralized exchange based on this blockchain, also suffered from a hacker attack and lost 342.5 ETH ($630,000).
Recall that in February, the Coinbase exchange announced the launch of the Base Protocol test network based on Ethereum, the Base Base network was activated in July. Now the total value of assets locked in Base is $230 million.