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

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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.

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