RocketSwap Loses $870,000 in a Hack on the Base Layer 2 Network!

The post RocketSwap Loses $870,000 in a Hack on the Base Layer 2 Network! appeared first on Coinpedia Fintech News

RocketSwap, a decentralized exchange, has been hacked on the Base Layer 2 network, resulting in the theft of 471 ETH worth $870,000 by a third-party hacker. The team has identified security lapses, including the DEX’s use of offline signatures and storing private keys on the server, as the cause of the hack. This marks the second hack on the Base network in quick succession, following a $630,000 loss by LeetSwap. The hacker moved the funds to Ethereum and created a meme coin named LoveRCKT, which saw its price triple in a day before dropping by 90%.