1. BITBILIHome
  2. Article

RocketSwap labs suffers $865K breach; Unveils recovery plan with new farm contract

• 53 views

TL;DR Breakdown

  • RocketSwap Labs experienced a significant security breach on August 14, leading to a loss of $865,000.
  • In response, the company quickly introduced an emergency recovery plan, including relaunching a new farm contract.
  • RocketSwap Labs made an unconventional request to the hackers, asking them to return the stolen assets.

Description

RocketSwap Labs found itself grappling with a significant security breach on August 14, resulting in the loss of a staggering $865,000, equivalent to 471 Ether (ETH). Acting swiftly, the company unveiled its emergency recovery plan to mitigate the breach’s aftermath. The gravity of the situation prompted RocketSwap Labs to divulge their strategic maneuver: a relaunch … Read more

RocketSwap Labs found itself grappling with a significant security breach on August 14, resulting in the loss of a staggering $865,000, equivalent to 471 Ether (ETH). Acting swiftly, the company unveiled its emergency recovery plan to mitigate the breach’s aftermath.

The gravity of the situation prompted RocketSwap Labs to divulge their strategic maneuver: a relaunch of an entirely new farm contract, one that would be openly sourced on the blockchain. This bold move aims to relinquish the minting rights, particularly those of RCKT tokens, effectively relinquishing a level of control. The audacious strategy also includes an unorthodox plea to the hackers to restore the pilfered assets.

The breach, a result of brute-force hacking, significantly impacted the protocol. The assailant employed a meticulous approach, utilizing high-risk permissions within the proxy contract linked to the farm contract. This vulnerability granted access to the server, facilitating the illicit transfer of farm assets and compelling a farm shut down due to the extent of the damage.

The chain reaction of the breach wasn’t confined to RocketSwap Labs alone. PeckShield, a reputable blockchain security firm, reported that 471 ETH were purloined and shifted from Base to Ethereum on August 14. The hacker went further, conjuring a staggering 90 trillion “Overcut” tokens, promptly dispatched to Uniswap, accompanied by 400 Ether.

RocketSwap Labs responded rapidly, confirming the hack’s validity at 11:06 UTC on the same day. Additional insight flowed in later, courtesy of PeckShield and CertiK, another prominent blockchain security enterprise. Their cumulative analyses revealed the intricate layers of the breach, uncovering the intricacies of the hacker’s method.

As RocketSwap Labs endures this tumultuous period, the Base community envisions a future where ownership of the exchange transitions into the hands of a decentralized, autonomous organization. This visionary approach embraces the concept of community-owned decentralization, forging a path forward from breach-induced chaos.

RocketSwap Labs’ audacious response signals a unique endeavor to reclaim stability and control within the decentralized finance ecosystem in a landscape fraught with challenges and uncertainties. The forthcoming chapters of this story hold the promise of innovation and resilience, leaving the crypto community both intrigued and hopeful.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

文章来源于互联网:RocketSwap labs suffers $865K breach; Unveils recovery plan with new farm contract

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年8月15日 17:30
Next 2023年8月15日 18:30

Related articles

  • Has Silicon Valley reached the end of the tunnel?

    TL;DR Breakdown Uber reports its first-ever profit, signaling a potential shift in Silicon Valley’s approach. The 2010s saw Silicon Valley prioritizing aggressive growth, often at the cost of sustainability. Modern tech CEOs now emphasize sustainability and responsibility, though underlying incentives remain the same. Description The recent announcement of Uber’s first-ever profit was more than a milestone for the company – it was a potential signifier of a changing landscape in Silicon Valley. A shift in mindset from unbridled growth to fiscal responsibility and sustainability is on the horizon, but has Silicon Valley truly transitioned? From ‘cash burn’ to cash … Read more The recent announcement of Uber’s first-ever profit was more than a milestone for the company – it was a potential signifier of a changing landscape in Silicon Valley. A shift in mindset from unbridled growth to fiscal responsibility and sustainability is on the horizon, but has Silicon Valley truly transitioned? From ‘cash burn’ to cash flow: A Silicon Valley evolution Silicon Valley, during its boom in the 2010s, was notorious for an aggressive “grow at all costs” strategy….

    Article 2023年8月7日

  • Gold resurgence: Central Banks bring bullion closer home

    TL;DR Breakdown Central banks are amassing and repatriating gold due to high inflation and sanctions threats. Gold is preferred over derivatives and ETFs for its tangible, safe-haven value. Increased gold purchases have boosted prices, although there’s a shift away from gold ETFs. Description In a world bristling with uncertainty, a unique resurrection is playing out on the global stage. Gold, the timeless emblem of wealth and stability, is now experiencing a revival. Central banks around the globe, driven by the need to fortify their financial ramparts against high inflation and asset freeze threats, are accumulating more of this … Read more In a world bristling with uncertainty, a unique resurrection is playing out on the global stage. Gold, the timeless emblem of wealth and stability, is now experiencing a revival. Central banks around the globe, driven by the need to fortify their financial ramparts against high inflation and asset freeze threats, are accumulating more of this precious metal. They are also bringing it closer to their own vaults, a move reflecting not just a financial strategy but also a nuanced…

    Article 2023年7月12日

  • China seizes opportunity amid US sanctions to challenge dollar

    Description The US dollar, once the undisputed titan of international trade and finance, is witnessing a formidable challenger rise from the East. China, seeking to capitalize on the shifting dynamics of the global financial system, is leveraging every opportunity to whittle away at the dollar’s long-held supremacy. Bypassing the Dollar’s Grip Argentina’s recent decision to make … Read more The US dollar, once the undisputed titan of international trade and finance, is witnessing a formidable challenger rise from the East. China, seeking to capitalize on the shifting dynamics of the global financial system, is leveraging every opportunity to whittle away at the dollar’s long-held supremacy. Bypassing the Dollar’s Grip Argentina’s recent decision to make a payment to the IMF in renminbi rather than dollars offers a glimpse into the changing undercurrents of global finance. It wasn’t an isolated incident either. Bangladesh, previously reliant on the dollar, turned to the renminbi to finalize payments for a nuclear power plant with Russia when the weight of US sanctions made traditional routes untenable. Such moves underline the growing exasperation of developing nations with…

    Article 2023年8月25日

  • 1inch Investment Fund’s wallet acquires $10 million in Ethereum

    TL;DR Breakdown The 1inch Investment Fund’s wallet recently acquired 6,088 Ethereum, valued at approximately $10 million, drawing attention from market analysts and the crypto community. The wallet has a history of strategic investments in Ethereum, including a series of purchases earlier this year that totaled around $26.8 million, as well as a profitable sale that netted approximately $3.7 million. Description In a transaction that has piqued market analysts’ interest, the 1inch Investment Fund’s wallet recently secured 6,088 Ethereum (ETH), valued at approximately $10 million. This acquisition was detected by Lookonchain, a blockchain analysis platform, and has led to increased scrutiny of the wallet’s activities and potential impact on the broader cryptocurrency market. 1inch Investment Fund … Read more In a transaction that has piqued market analysts’ interest, the 1inch Investment Fund’s wallet recently secured 6,088 Ethereum (ETH), valued at approximately $10 million. This acquisition was detected by Lookonchain, a blockchain analysis platform, and has led to increased scrutiny of the wallet’s activities and potential impact on the broader cryptocurrency market. 1inch Investment Fund wallet spent $10M to buy 6,088 $ETH…

    Article 2023年8月29日

  • McCarthy blames Washington’s spending for tax hikes

    TL;DR Breakdown House Speaker Kevin McCarthy blames over-spending, not insufficient revenue, for tax hikes. He holds steadfast against raising taxes, and suggests a spending cap instead. During a meeting with President Biden, the White House Speaker reiterated opposition to a “clean debt ceiling bill” and defense spending caps. In an emphatic stand for fiscal conservatism, House Speaker Kevin McCarthy has pointed to unrestrained governmental expenditure as the primary driver for tax hikes. Consistently maintaining his stance against rising tax rates, McCarthy is striving to curtail Washington’s mounting spending habits. McCarthy’s candid message In a straightforward video message, McCarthy emphasized that there is no shortage of revenue streaming into the government. Instead, he persuasively argued, the crux of the problem is the escalating level of spending that has touched unparalleled heights in contemporary history. Rather than resorting to higher taxes to top up the Treasury, the Speaker firmly underscored the urgent need to keep a check on the spending. He maintained that currently, government revenue is higher than the 50-year average and has been higher only twice in history. However, he…

    Article 2023年5月25日
TOP