RocketSwap, a decentralized cryptocurrency exchange, lost about R$4.3 million in a hack earlier this week. according to you “emergency program”one of the team’s actions would be to contact the thief and ask for the money to be returned, but the hacker had other plans.
Last Monday (14) the hacker created a memecoin named Love RCKT which roughly translates to “I like Rocket”. Despite being an insult to victims, the cryptocurrency surged by 275% in less than 5 hours.
However, as can be seen in the chart below, LoveRCKT plummeted soon after.
Another curiosity of memecoin is the number of coins. In total there are 100 trillion LoveRCKT. In comparison, Bitcoin has only 19.4 million units in circulation, while Dogecoin has 140 billion coins, a number that is already considered absurd.
Brokerage is hacked, takes over the mistake and looks for solutions
On Monday (14), the RocketSwap team discovered an anomaly in their systems and claimed to be investigating the issue. Minutes later, he reported that his system had been compromised, damaging all of his users.
“A brute force hack was detected on the server and due to the proxy contract used for the farm contract, there were several high risk permissions leading to the transfer of farm assets”RocketSwap reported. “We are very sorry for your loss.”
As a result of the team’s research
We are sorry to inform you that the team had to use offline signatures when deploying the home screen and placing the private keys on the server.
A brute force hack of the server has been detected and due to the proxy contract used for the farm…— RocketSwap (@RocketSwap_Labs) August 14, 2023
The team claimed to have fixed the error and from there launched a plan to save their business and help the victims. Of the seven points in the plan, the last would be to contact the hacker.
“Ask hackers to return assets to victims.”
The tactic, while it seems naive, has worked on other occasions. Earlier this month, the Curve Finance hacker returned millions in cryptocurrency to the exchange and even taunted the developers by leaving a message saying “I’m Smarter Than You”.
However, it seems that the RocketSwap hacker is a bit crazier than his friend above. After all, he created a memecoin called LoveRCKT to mock the victims of his crime.
According to PeckShield data, the hacker also profited an additional 20 ETH (R$174,000) from his memecoin on Tuesday (15). Anyway, the “project” which appreciated 275% fell 71% in the days after, making it hard to come up with a response.
Finally, this seems to be another unprecedented case in the world of cryptocurrencies that continues to surprise us with the skill, creativity and certain lack of awareness of some individuals.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
