BASE
by BSCN
August 16, 2023
Base Network hacker drains 471 ETH from RocketSwap and creates memecoin, $LoveRCKT, with the stolen funds
Summary
As reported by security company PeckShield, the Base Network decentralized exchange (DEX), RocketSwap, has been hacked for 471 ETH - currently equivalent to around $860,000.
Immediately following the attack, the culprit bridged the stolen funds to Ethereum mainnet and proceeded to incept what appears to be a memecoin called LoveRCKT. The hacker then seeded a Uniswap liquidity pool with some 90 trillion $LoveRCKT tokens, paired against 400 ETH.
RocketSwap’s Response to the Hack
Despite accusations on social media that RocketSwap’s team were behind the attack, claiming it was in fact a rug-pull, the internal team are insistent that the incident involved an external malicious actor.
In particular, RocketSwap highlights that the vulnerability originated from their use of offline signatures which, following a brute force attack, allowed the hacker to effectively drain user funds from RocketSwap’s farms.
Base Network Woes
This marks the second attack on an application hosted by Coinbase’s new Base Network. The first came in late July when LeetSwap, at the time Base’s leading DEX, was exploited for around 340 ETH.
In addition to the exploits, comes the infamous $BALD memecoin, which was rug-pulled when some 6,800 ETH was pulled from its liquidity pool on LeetSwap.
Since its mainnet was opened on July 13, Base has been mired in controversy, despite its high-profile and much anticipated entry into the blockchain ecosystem.
Disclaimer
Disclaimer: The views expressed in this article do not necessarily represent the views of BSCNews. The information provided in this article is for educational and informational purposes only and should not be construed as investment advice. BSCNews assumes no responsibility for any investment decisions made based on the information provided in this article
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