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Base project RocketSwap Labs has outlined its emergency programme to bounce back from a brute force hack which swiped $865,000 or 471 Ether (ETH) from the protocol on Aug. 14.
The team explained on Aug. 15 that they plan on redeploying a new farm contract and open-source it on-chain, relinquish minting rights — presumably of RCKT — and will soon call on the hackers to return the assets, among other things:
The emergency programme agreed upon by the team is as follows.
1. We plan to redeploy a new farm contract by dropping the proxy contract and open sourcing it on-chain.
2. The new farm will advance the production reduction plan by 0.075 per block.
3. The team relinquishes…
— RocketSwap (@RocketSwap_Labs) August 15, 2023
On Aug. 14, a hacker stole approximately 471 ETH and bridged it from Base to Ethereum (
$2,417.55 ) , according to blockchain security firm PeckShield.
The exploiter then created the 90 trillion “LoveRCKT” tokens and transferred them over to Uniswap (
$7.44 ) along with 400 ETH, it explained.
#PeckShieldAlert The @RocketSwap_Labs exploiter has grabbed ~471 $ETH and bridged them from #Base to $2,417.55 ) ?src=hash&ref_src=twsrc%5Etfw"># Ethereum (
— PeckShieldAlert (@PeckShieldAlert) August 15, 2023
The news was confirmed by RocketSwap Labs on Aug. 14 at 11:06 UTC, with PeckShield and fellow blockchain security firm CertiK providing additional details about the exploit a few hours later.
Related: Zunami Protocol confirms stablecoin pools attacked, $2.1M loss estimated
RocketSwap Labs said attributed the exploit to a “brute force hack” of the protocol’s server:
“A brute force hack of the server was detected, and due to the proxy contract used for the farm contract, there were multiple high-risk permissions that led to the transfer of the farm’s assets. We shut down the farm to prevent further damage.”
RocketSwap is a decentralized exchange on Base, with plans to gradually become community-owned through a decentralized autonomous organization.
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