Hackers Make Off with $865,000 in ETH in RocketSwap Labs Breach

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

We recommend eToro

74% of retail CFD accounts lose money.
Active user community and social features like news feeds, chats for specific coins available for trading.
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy thetrades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
eToro offers staking for certain popular cryptocurrencies like ETH, ADA, XTZ etc.
intelligent crypto
How are  regular people making returns of as much as 70% in a year with no risk?  By properly setting up a FREE Pionex grid bot - click the button to learn more.
Crypto arbitrage still works like a charm, if you do it right! Check out Alphador, leading crypto arbitrage bot to learn the best way of doing it.

CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com


Maxwell Mutuma
Maxwell Mutuma

Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. I write extensively on topics such as blockchain, cryptocurrency, tokens, and more for many publications. My goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.

We will be happy to hear your thoughts

Leave a reply