RocketSwap, the second-largest decentralized exchange by trading volume on Base, was hacked for around $866,500 due to a private key compromise from their online servers.
The DEX led Base’s meme coin hype after its mainnet launch last week. Base is an Ethereum layer-2 solution incubated by Coinbase.
RocketSwap’s team detected a hack early Tuesday morning as it tweeted about an “anomaly” in its DeFi farms.
The team has detected an anomaly on the farm and we are investigating the problem.
RocketSwap’s farms are specialized pools that provide additional yield in the protocol’s native RCKT tokens for liquidity providers.
An hour later, the team confirmed the hack citing a “brute force hack of the server” where the team stored its private keys.
Hackers drained the farm of the project’s governance token RCKT and Wrapped Ethereum (WETH) and later converted RCKT tokens to approximately 471 ETH worth $866,500.
Meme coins are tokens inspired by internet memes or resonate among a community. The market’s largest meme coins by market capitalization are Dogecoin (DOGE) and Shiba Inu (SHIB).
The RocketSwap team explained in a post-mortem of the attack that the team “needed to use offline signatures when deploying the launchpad.”
The launchpad is a new feature of RocketSwap which helps new DeFi projects raise capital via an initial token sale.
RocketSwap team will “redeploy a new farm contract” by removing that vulnerability that allowed the hackers to steal funds from the farm. They will move ahead with the Launchpad plans as well.
Another DEX on Base, LeetSwap was exploited at the start of this month.
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