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<p class="is-style-lead">RocketSwap Labs has unveiled its strategy for recovering from a forceful hack that seized $865,000 (471 ETH) from the protocol on Aug. 14.</p> 
<p>The decentralized exchange on Base intends to reintroduce a fresh farming contract and publicly share it on the blockchain, among other measures.</p> 
<p>The decentralized exchange on Base agreed upon the emergency program. It will introduce a fresh farm contract by eliminating the proxy contract. Subsequently, it will share its open-source version on the blockchain while advancing the production reduction plan by 0.075 per block. </p> 
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   <p lang="en" dir="ltr">The emergency programme agreed upon by the team is as follows.<br><br>1. We plan to redeploy a new farm contract by dropping the proxy contract and open sourcing it on-chain.<br><br>2. The new farm will advance the production reduction plan by 0.075 per block.<br><br>3. The team relinquishes…</p>— RocketSwap (@RocketSwap_Labs) <a href="https://twitter.com/RocketSwap_Labs/status/1691258298409029632?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">August 15, 2023</a> 
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<p>Moreover, the team will renounce their minting privileges, retaining only low-risk allocation rights for new pools.</p> 
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   <p lang="en" dir="ltr">As a result of the team's investigation<br><br>We are sorry to inform you that the team needed to use offline signatures when deploying the launchpad and put the private keys on the server.<br>A brute force hack of the server was detected, and due to the proxy contract used for the farm…</p>— RocketSwap (@RocketSwap_Labs) <a href="https://twitter.com/RocketSwap_Labs/status/1691229656593371136?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">August 14, 2023</a> 
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<p>This announcement is a follow-up to the platform’s Aug. 14 Tweet, where they admitted users’ losses after a hacker stole approximately 471 ETH.</p> 
<p>The investigation determined that offline signatures were necessitated during this process, prompting the storage of private keys on the server. </p> 
<p> You might also like: <a href="https://crypto.news/287000-reportedly-stolen-in-hack-targeting-aaves-earning-farm/" rel="noopener noreferrer nofollow"> $287,000 reportedly stolen in hack targeting Aave’s Earning Farm </a> </p> 
<p>This vulnerability was exploited through an alleged brute force hack that targeted the server infrastructure, resulting in the unauthorized transfer of assets belonging to the farm.</p> 
<p>RocketSwap’s responses garnered significant backlash from the community, with one platform user&nbsp;<a href="https://twitter.com/ernani_eth/status/1691283470083846144" target="_blank" rel="noopener noreferrer nofollow">stating</a>&nbsp;this was a terrible reaction to the news. Moreover, this was not the first incident.</p> 
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   <p lang="en" dir="ltr">The <a href="https://twitter.com/RocketSwap_Labs?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@RocketSwap_Labs</a> team irresponsibly sent $69k worth of <a href="https://twitter.com/search?q=%24RCKT&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$RCKT</a> to a "cheater wallet," which was dumped on the community.<br><br>The team subsequently removed their tweet explaining the <a href="https://twitter.com/search?q=%24RCKT&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$RCKT</a> sell-off.<br><br>Here's why I liquidated my position and why you should as well 🧵👇 <a href="https://t.co/vfEGKVbQY2" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/vfEGKVbQY2</a></p>— Dashen De Silva (@0xdashen) <a href="https://twitter.com/0xdashen/status/1688690553410801668?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">August 7, 2023</a> 
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<p>Just one week earlier, on Aug. 8, a community member unearthed deleted posts from RocketSwap. They revealed a disconcerting admission by the team regarding a transaction error involving $69,000 worth of native tokens (RCKT), which were inadvertently sent to malicious actors.</p> 
<h2 class="wp-block-heading" id="a-push-for-more-robust-regulation">A push for more robust regulation</h2> 
<p>As the year 2023 unfolded, millions of dollars have already been lost to DeFi hackers, including $287,000 from Aave’s Earning Farm on Aug. 9.&nbsp;</p> 
<p>Consequently, many in the community continue demonstrating a solid collective commitment to enhancing security within the cryptocurrency sector, echoed throughout the industry. However, few changes have been unveiled to the public as of yet.</p> 
<p> Read more: <a href="https://crypto.news/fantoms-dex-spiritswap-folding-after-multichain-hack/" rel="noopener noreferrer nofollow"> Fantom’s DEX, SpiritSwap, folding after Multichain hack </a> </p>

RocketSwap unveils response strategy after $865 hack

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