The DeFi platform Rocketswap (RCKT), which operates on the Coinbase exchange’s native blockchain network Base and Ethereum, has been hacked. The decentralized finance platform suffered a loss of $860,000.
According to the post shared by the Rocketswap team, the incident occurred due to a hacker attack on the protocol and the server. The developers stated that hackers who breached the security seized customer funds.
The emergency programme agreed upon by the team is as follows.
1. We plan to redeploy a new farm contract by dropping the proxy contract and open sourcing it on-chain.
2. The new farm will advance the production reduction plan by 0.075 per block.
3. The team relinquishes…
— RocketSwap (@RocketSwap_Labs) August 15, 2023
The DeFi project announced that it has disabled Yield Farming, a passive income tool. After the attack, blockchain security follower PeckShield shared details about the incident.
How Hackers Attack
Peckshield has confirmed the DeFi event that took place on the Coinbase-linked crypto network Base. The security tracker found that hackers stole a total of 471 ETH worth $860,000 for Rocketswap, bridging Base and Ethereum.
Hackers created a new altcoin named “LoveRCKT” after the transfer process. The hackers moved the tokens to Uniswap after this move.
ETH-based blockchain network Base has been on the agenda with altcoin units frequently in recent days. The BALD meme coin turned upside down a day after it was launched on the Base network. BALD initially rose 3,000% at launch. However, it lost more than 90% of its value the next day.
The Rocketswap team began implementing a contingency plan after the incident. The altcoin unit linked to the project, RCKT, has lost 55% of its value since the beginning of the day.
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