RocketSwap Outlines Emergency Plan Following $865,000 Exploit

Base project RocketSwap has shared an emergency plan with users as it looks to recover from a brute force hack that saw the protocol lose around 471 ETH, valued at around $865,000, on the 14th of August.

The team behind the project also plans on reaching out to the hacker.

The Emergency Plan

The team at RocketSwap explained in a post on X on the 15th of August, stating that they planned to redeploy a new farm contract, following which it would be open-sourced on-chain. The team stated that they would also be relinquishing mining rights, mostly of RCKT, and also reach out to the hackers in an attempt to negotiate a return of the stolen assets, This approach was taken by Curve, and several other decentralized protocols following the Curve exploit.

“The emergency programme agreed upon by the team is as follows. We plan to redeploy a new farm contract by dropping the proxy contract and open-sourcing it on-chain. The new farm will advance the production reduction plan by 0.075 per block. The team relinquishes minting rights and retains only low-risk rights to allocate new pools. Locked initial liquidity and 80k tokens will be extended for 1 year. The team will continue to roll out LaunchPad, with further updates planned. Telegram groups will be reopened after stabilization. Call on hackers to return assets to victims.”

The RocketSwap Hack

On the 14th of April, a hacker managed to steal around 471 ETH, bridging it from Base to Ethereum. The activity was flagged by blockchain security firm PeckShield. The hacker then created 90 trillion LoveRCKT tokens before transferring them to Uniswap, along with 400 of the 471 ETH initially stolen. PeckShield detailed the hack in a post on X, stating,

“#PeckShieldAlert The @RocketSwap_Labs exploiter has grabbed ~471 $ETH and bridged them from #Base to #Ethereum, and then created the token $LoveRCKT, the exploiter already supplied 90T $LoveRCKT and 400 $ETH to #Uniswap.”

RocketSwap eventually confirmed the news on the same day, with PeckShield and another blockchain security firm, CertiK, providing additional details about the hack

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Author: Amara Khatri

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