• RocketSwap Labs outlines emergency plan to bounce back after a $865K exploit.
• Exploit was caused by a brute force attack on the server which allowed the hacker to transfer farm assets.
• The emergency program includes redeploying a new farm contract, relinquishing minting rights, and asking hackers to return stolen funds.
RocketSwap Experiences $865K Exploit
On Aug. 14, an estimated $865,000 or 471 Ether (ETH) was stolen from RocketSwap Protocol due to a brute force hack of its server. This was later confirmed by blockchain security firm PeckShield and fellow blockchain security firm CertiK provided additional details about the exploit.
Emergency Plan Outlined By RocketSwap Labs
RocketSwap Labs has outlined its emergency program to bounce back from the exploit. The plan includes redeploying a new farm contract and open-sourcing it on-chain, relinquishing minting rights — presumably of RCKT — and will soon call on the hackers to return the assets, among other things:
Program Agreed Upon By Team
The team has agreed upon following steps in order to repair damages:
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
LoveRCKT Tokens Created By Hacker
On Aug. 14, a hacker stole approximately 471 ETH and bridged it from Base to Ethereum according to PeckShield data reported earlier this week . Afterwards , LoveRCKT tokens were created with 90 trillion in supply being transferred over Uniswap along with 400 ETH .
Future Plans For RocketSwap Protocol
In order for RocketSwap Protocol’s future development plans , they intend for their protocol become community owned through decentralized autonomous organization . This is likely why they are calling out for help when dealing with this particular incident at hand .