Rocketswap, a decentralized exchange on the Coinbase native blockchain and Ethereum-based network Base, has just experienced a crypto exploit, losing over $860k of users’ assets.
According to an August 15 post on X by Rocketswap, the incident occurred due to a “brute force hack” on the server, which contains private keys related to the protocol. Rocketswap posted that this security breach allowed the hackers to gain control of the protocol’s farm feature and transfer out a large volume of users’ assets.
The statement read:
We are sorry to inform you that the team needed to use offline signatures when deploying the launchpad and put the private keys on the server. A brute force hack of the server was detected, and due to the proxy contract used for the farm contract, there were multiple high-risk permissions that led to the transfer of the farm’s assets.
The protocol announced they had deactivated the farm feature as well as shut down their telegram channel. Meanwhile, blockchain security firm PeckShield has provided more insights into the crypto exploit.
Hackers Bridge Stolen Asset From Base To Ethereum, Creates New Token
In confirming the DeFi exploit on the Base Chain, Peckshield shared that the hackers stole a total of 471 ETH, valued at $867,464.25, from Rocketswap, bridging it from Base to Ethereum.
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