RocketSwap a DEX platform fell victim to a hack that resulted in the theft of 471 ETH

RocketSwap, a decentralized exchange (DEX) operating on the Base Layer 2 network, recently fell victim to a hack that resulted in the theft of 471 ETH, equivalent to a staggering $870,000.

The breach shed light on security vulnerabilities within the DEX, leading to a subsequent memecoin creation that caught the attention of both the crypto community and the wider public.

The hack, which shook the crypto landscape, was traced back to a series of security lapses within RocketSwap.

Among the identified vulnerabilities were the DEX’s utilization of offline signatures during the launchpad deployment and the controversial decision to store private keys on a central server.

While accusations of a potential rug pull swirled in the aftermath, the RocketSwap team firmly attributed the breach to a third-party hacker.

The attacker successfully orchestrated a brute-force assault on a cloud server associated with the project, extracting RocketSwap’s private keys and orchestrating asset transfers from its yield farm.

This incident marks the second substantial security breach to rock the Base network in quick succession, following the hack of LeetSwap, another decentralized exchange that incurred losses of $630,000 just weeks earlier.

The Base network, which embarked on its developer-exclusive mainnet phase in July, witnessed a transition to wider public access after the initial developmental stage.

A considerable influx of over $200 million in assets migrated from Ethereum to the Base network during this period.

In a peculiar twist following the RocketSwap hack, the hacker responsible swiftly transferred the stolen assets from the Base blockchain to Ethereum.

Adding a layer of audacity to their exploit, the hacker introduced a memecoin christened LoveRCKT. This newly minted digital token was paired with 400 ETH of liquidity on the Uniswap platform.

Despite its dubious origins, LoveRCKT garnered significant attention and investor interest. Within a single day, the memecoin’s value tripled, soaring from a mere $0.00000001 to $0.00000003, before plummeting by over 90% in subsequent hours.