RocketSwap Labs, the driving force behind the Base project, has swiftly sprung into action to combat a recent exploit that left the protocol reeling from an $865,000 hack. Demonstrating their commitment to the community and the project's security, RocketSwap Labs has devised an emergency plan to recover from this setback.
The emergency programme agreed upon by the team is as follows.
— RocketSwap (@RocketSwap_Labs) August 15, 2023
1. We plan to redeploy a new farm contract by dropping the proxy contract and open sourcing it on-chain.
2. The new farm will advance the production reduction plan by 0.075 per block.
3. The team relinquishes…
Firm Steps Towards Recovery
The team has detected an anomaly on the farm and we are investigating the problem.
— RocketSwap (@RocketSwap_Labs) August 14, 2023
RocketSwap Labs unveiled its comprehensive emergency program on August 15, outlining a series of strategic actions to reclaim stability and mitigate the damage caused by the breach. The key aspects of this plan include:
- Redeployment of Farm Contract: To fortify the protocol's defenses, a new farm contract will be redeployed. This measure is aimed at eliminating vulnerabilities that may have been exploited.
- Open-Source Transparency: The redeployed farm contract will be open-sourced on-chain, enhancing transparency and encouraging community vigilance.
- Minting Rights Relinquished: In a bid to strengthen the protocol's security, RocketSwap Labs will voluntarily relinquish minting rights, a crucial step towards preventing unauthorized creation of tokens.
- Calling Upon the Exploiter: The team is reaching out to the exploiter directly on-chain, urging them to return the assets. This step underscores the commitment to rectifying the situation through collaboration and ethical engagement.
The Exploit in Detail
The hack, orchestrated on August 14, saw the exploiter make off with approximately 471 ETH. This was achieved through a sophisticated process involving the creation and transfer of 90 trillion "LoveRCKT" tokens, along with 400 ETH, to Uniswap. PeckShield, a blockchain security firm, played a pivotal role in identifying and understanding the hack.
#PeckShieldAlert The @RocketSwap_Labs exploiter has grabbed ~471 $ETH and bridged them from #Base to #Ethereum, and then created the token $LoveRCKT, the exploiter already supplied 90T $LoveRCKT and 400 $ETH to #Uniswap https://t.co/z12YlLjbsn pic.twitter.com/Wxaph6lcuD
— PeckShieldAlert (@PeckShieldAlert) August 15, 2023
RocketSwap Labs attributed the breach to a brute force attack on the protocol's server, a stark reminder of the importance of robust security measures in the crypto landscape.
A Path Forward
RocketSwap Labs' response to this exploit showcases a resilient spirit and unwavering dedication to the Base project's integrity. The emergency plan not only addresses the current challenges but also reaffirms the commitment to fostering a secure and thriving decentralized exchange ecosystem within Base.
United Against Adversity
In the face of adversity, RocketSwap Labs is determined to overcome and emerge stronger. The emergency plan's implementation reflects the commitment to innovation and safeguarding the community's interests.
