Foundation project RocketSwap Labs has outlined its emergency plans in response to a brute force attack that stole $865,000, or 471 ether (ETH), from the protocol on Aug. 14.
team explained On August 15th, they plan to redeploy a new farm contract and open source it on the chain, give up minting rights (presumably RCKT), and will soon call on hackers to return assets, including:
The contingency plan agreed upon by the team is as follows.
1. We plan to redeploy the new farm contract by deleting the proxy contract and open-sourcing it to the chain.
2. The new farm will reduce the production plan by 0.075 per block in advance.
3. The team gives up…
— RocketSwap (@RocketSwap_Labs) August 15, 2023
On August 14, a hacker stole approximately 471 ETH and bridged it from Base to Ethereum, according to Blockchain security company PeckShield.
The attackers then allegedly created 90 trillion “LoveRCKT” tokens and transferred them to Uniswap along with 400 ETH.
#PeckShieldAlert this @RocketSwap_Labs The exploiter has snatched ~471 $ETH and bridge them #according to arrive #Ethereumand then created the token $LoveRCKT, the user has provided 90T $LoveRCKT and 400 $ETH arrive #Uniswap pic.twitter.com/Wxaph6lcuD
— PeckShieldAlert (@PeckShieldAlert) August 15, 2023
the news is comfirmed Posted by RocketSwap Labs at 11:06 UTC on Aug. 14, PeckShield and blockchain security firm CertiK provided more details about the vulnerability a few hours later.
related: Zunami Protocol Confirms Stablecoin Pool Hacked, Estimated Loss of $2.1M
RocketSwap Labs said the vulnerability was attributed to a brute-force attack on the protocol’s servers:
“It was detected that the server was brute force cracked, and because the farm contract was using a proxy contract, there were multiple high-risk permissions that led to the transfer of farm assets. We shut down the farm to prevent further losses.”
RocketSwap is a decentralized exchange on Base, and plans to gradually become community-owned through decentralized autonomous organizations.
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