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RocketSwap hack leads to LoveRCKT memecoin surge

2min Read

A security breach happened at RocketSwap where attackers exploited vulnerabilities to steal 471 ETH. The hackers then created a memecoin.

Decentralized exchange Hack Memecoin Eth

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  • Attackers exploit vulnerabilities to execute sophisticated asset theft and memecoin schemes.
  • Consecutive breaches within the Base network underscore the urgency of bolstering security protocols.

RocketSwap, the decentralized exchange on Base network, recently suffered a hacking incident. The attacker stole RCKT tokens and converted them into Ethereum worth $870,00. Then the hacker established a memecoin dubbed LoveRCKT.

The security breach raised questions about RocketSwap’s security measures, particularly its deployment process and storage of private keys.

Security firm PeckShield meticulously examined the breach, uncovering several security gaps that may have been behind the attack. The attacker not only swiftly converted the stolen assets into Ethereum, they also created a memecoin named LoveRCKT.

The launch of the memecoin aimed to capitalize on stolen assets, potentially manipulating market sentiment for personal gain.

This breach prompted concerns about RocketSwap’s security practices, specifically focusing on deployment processes and private key storage. It identified vulnerabilities such as offline signatures during launchpad deployment and private key storage on a server.

Cascading concerns: Breaches ripple through Base network, sparking vigilance

Following the breach, speculation within the crypto community surfaced regarding the involvement of the RocketSwap team in a “rug pull.” However, the team categorically denied internal involvement, attributing the breach to a third-party hacker exploiting the identified weaknesses.

The team explained that the hacker executed a brute force attack on a cloud server linked to the project. It then gained unauthorized access to RocketSwap’s private keys. The assets were transferred from the platform’s yield farm with these keys.

This incident is not isolated on the Base network. LeetSwap, another decentralized exchange on the same network, fell victim to a similar breach, losing $630,000 on 31 July.

These consecutive breaches raised concerns within the community about the Base network’s security and associated decentralized applications. The network’s journey transitioned from a developer-only mainnet activation to going live to the public.

Despite rapid growth and over $200 million influx from Ethereum, these breaches emphasize the need for stringent security to safeguard user assets.

The memecoin, LoveRCKT, experienced a threefold surge in its value within a single day, before plummeting by over 90%.


Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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