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.
Daily Debrief Newsletter
Start every day with the top news stories right now, plus original features, a podcast, videos and more.
Digital assets may be firmly in the mainstream, with institutional involvement and a crypto-friendly president in the White House.
But hackers and fraudsters are having a field day so far this year.
Crypto users have lost over $1.7 billion to these groups—already 14% more than 2024’s total losses of $1.49 billion, according to blockchain security firm Immunefi.
In the same period last year, losses totaled $420 million, the firm said.
The report comes amid ongoing concerns about the vulnerabil...
Libre, a regulated real-world asset platform, and the TON Foundation have launched a $500 million tokenized fund on The Open Network, aiming to bring Telegram’s $2.4 billion in corporate debt onto the blockchain for the first time.
Dubbed the Telegram Bond Fund, the product allows institutional and accredited investors to gain exposure to Telegram’s outstanding bonds directly through the TON blockchain, according to a statement shared with Decrypt.
The fund will also participate in future Telegr...
Solana decentralized exchange Raydium has deployed its native token launchpad, which is designed to rival the popular Pump.fun. This comes almost a month after Pump.fun deployed its own decentralized exchange, cutting ties with Raydium in the process.
LaunchLab by Raydium offers a more sophisticated token creation process, compared to Pump.fun’s simplistic approach. The new launchpad allows for deployers to toy with the token supply, how many tokens will be sold on the bonding curve, and how muc...