In a recent security breach, hackers managed to siphon off 471 ETH, translating to a value of approximately $865,000. The exploit was confirmed by renowned security firm, PeckShield, which has been at the forefront of crypto security.
RocketSwap Labs, the victim of this brute force attack, was caught off guard, with the breach occurring without any prior warning. The modus operandi of the hackers was intriguing. Following the theft of the tokens, the perpetrators went on to craft a whopping 90 trillion tokens, whimsically named “LoveRCKT”.
In a subsequent move, these “LoveRCKT” tokens, along with 400 ETH, were funneled into the decentralized exchange, Uniswap.
Reacting promptly to the crisis, RocketSwap Labs delineated an emergency response strategy. Key measures included:
- The deployment of a fresh farm contract.
- Transitioning the contract to an open-source status on-chain.
- Relinquishing all rights to mint further tokens.
In a rather optimistic approach, RocketSwap Labs also expressed intentions to reach out to the hackers, in hopes of retrieving the stolen assets. The efficacy of this move remains to be seen.
This incident raises a pressing concern: When will such crypto exploits cease? For the crypto realm to truly flourish and witness mass adoption, bolstering security measures is non-negotiable.
Source: CT Markets Pro Newsletter
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