• RocketSwap Labs unveiled their response strategy after a hack that seized $865,000 (471 ETH).
• The team agreed to introduce a fresh farm contract and reduce the production by 0.075 per block.
• There was significant backlash from the community due to the platform’s response.
RocketSwap Hack Response
RocketSwap Labs has unveiled its strategy for recovering from a forceful hack that seized $865,000 (471 ETH) from the protocol on Aug. 14. The decentralized exchange on Base intends to reintroduce a fresh farming contract and publicly share it on the blockchain, among other measures.
New Farming Contract
The emergency program agreed upon by the team is as follows: they plan to redeploy a new farm contract by dropping the proxy contract and open sourcing it on-chain; advance the production reduction plan by 0.075 per block; renounce their minting privileges while retaining only low-risk allocation rights for new pools.
The investigation determined that offline signatures were necessitated during this process, prompting the storage of private keys on the server — which was subsequently exploited through an alleged brute force hack that targeted the server infrastructure, resulting in unauthorized transfer of assets belonging to the farm.
Backlash From Community
RocketSwap’s responses garnered significant backlash from the community, with one platform user stating this was a terrible reaction to news of stolen funds. Moreover, this incident wasn’t isolated — RocketSwap’s team had supposedly sent $69k worth of $RCKT tokens to a „cheater wallet“ and dumped them onto users before removing their tweet explaining why it happened.
Overall, RocketSwap’s response strategy looks promising in helping recover lost funds and increasing security protocols for future incidents — however their past actions have led some users to express doubt about how effective these changes will be in protecting user assets going forward.