After stealing $870,000 from RocketSwap on Base, a hacker builds a memecoin 

Approximately $870,000 worth of Ethereum was stolen from the decentralized exchange RocketSwap, which was based on the Base Layer 2 network.

The decentralized cryptocurrency exchange RocketSwap, developed on the Base Layer 2 protocol, has been compromised. According to PeckShield, the criminal got escaped with 471 ETH, or $870,000.

The RocketSwap team said they isolated a few mistakes—the DEX’s reliance on offline signatures during launchpad deployment and the choice to keep private keys on the server—as the root cause of the breach.

In the wake of this, several Twitter users accused the team of pulling the rug out from under them, but the team maintains that an outside hacker is to blame.

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They say the hacker conducted a brute force attack on a cloud server the project was using, which gave them access to RocketSwap’s secret keys and allowed them to steal assets from the yield farm.

Unfortunately, the launchpad deployment team had to employ offline signatures and store the private keys on the server. Several high-risk permissions allowed for the transfer of the farm’s assets after a brute-force breach of the server was discovered, which was made possible by the proxy contract utilised for the farm contract.

Another decentralized exchange, LeetSwap, was hacked on July 31 and $630,000 was stolen; this is the second major security breach on the Base network in as many weeks.

In July, the Base network launched its developer-only mainnet, marking the beginning of a phase that would first be exclusive to developers before being opened up to the general public. More than $200 million in assets have been moved to the network from Ethereum since the developer phase.

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