The DEX led the Base’s memecoin hype following its mainnet launch last week. Base is an Ethereum layer 2 solution incubated by Coinbase. RocketSwap team detected a hack early Tuesday morning as they tweeted about an abnormality in their DeFi farms.
RocketSwap’s farms are specialized pools that provide additional yield in the protocol’s native RCKT token to liquidity providers. An hour later, the team confirmed the hack, citing a hacked server where it stores private keys.
Hacker drained RCKT and Wrapped Ethereum (WETH) in the project’s farm and then converted RCKT into 471 ETH worth $866,500. RocketSwap closed the farm and revoked the minting rights for new positions.
Blockchain security firm PeckShield has confirmed that the attacker bridged about 471 ETH from Base to Ethereum. PeckShield then found that the hacker launched a new memecoin named LoveRCKT and provided it with 400 ETH liquidity on Uniswap. Surprisingly, so many people bought this memecoin, pushing LoveRCKT’s price to triple in just 1 day. The hacker then dumped most of LoveRCKT, earning 20.3 WETH.
That’s not enough! The attacker continued to create a second memecoim called LoveRCKT2.0 and earned an additional 35 ETH after dumping a large amount of tokens on the market.
Another DEX on Base, LeetSwap, was also hacked earlier this month.