Ethereum

Lamden

RocketSwap

<ul class="list-ic vertical">
 <li>1 <a>PeckShieldAlert confirms the exploiter’s labeled address on Ethereum for laundering $865000.</a></li>
 <li>2 <a>It was laundered through the privacy protocol TornadoCash.</a></li>
</ul>
Blockchain tracker PechShieldAlert reported that a hacker swiped $865,000 from RocketSwap, a decentralized exchange. $865,000 is the total amount stolen in different ways and was laundered in ETH via multiple exchanges. RocketSwap has drawn flak from the community on social media platforms since the hack.
The exploiter has moved the stolen funds through many laundering techniques.
<h2 class="wp-block-heading" id="strong-what-peckshieldalert-reported-strong">What PeckShieldAlert Reported</h2>
PeckShieldAlert reported that 169 ETH was laundered through TornadoCash, a privacy protocol. The additional amount was bridged to layer-2 networks Arbitrum and Binance Smart Chain.
Nearly 347 BNB and 34 ETH were deposited on major centralized exchanges, including OKX, among others. Minor amounts were swapped for $TIP tokens and sent to MEXC exchange.
RocketSwap is trying to recover the lost funds. They are examining the security breach and working on preventing future attacks. Nevertheless, the breach highlights the vulnerability in the decentralized systems.
The project turned off comments on social media like X (formerly Twitter) and Telegram. This move drew flak from the community for not responding and maintaining communication.&nbsp;
Placing private keys on a server is believed to be what led to the attack and so criticized hugely for poor security measures. On August 14, RocketSwap was compromised when private keys were forced, enabling the creation of meme-coin LoveRCKT and the transfer of the proceeds to UniSwap. At first, devs believed it was a rug-pull.
Following this, <a href="https://www.thecoinrepublic.com/2023/10/21/mmc-stock-price-exit-channel-lows-amid-favorable-q3-earnings/" target="_blank" rel="noopener noreferrer nofollow">PeckShield</a> Alert reported on October 18, how the stolen 169 ETH was laundered, demonstrating how easily the hacked amount was moved and bridged to layer-2 networks, and both decentralized and centralized systems.
RockSwap is a community-developed decentralized exchange and automated market maker (AMM) that facilitates the exchange of digital assets. It resides on the Lamden blockchain. AMM is a system for exchanging assets that is popularized by Uniswap and differs from other traditional exchange systems in a few fundamental ways.
<h3 class="wp-block-heading" id="strong-summary-strong">Summary</h3>
The hacker stole $86,000 from RocketSwap. The AMM has stopped the comment section on social media and is assessing vulnerabilities. Placing private keys on the server is believed to be the cause of the attack.
PeckShieldAlert reported the money was laundered through TornadoCash. The funds were transferred to different platforms. RockSwap is looking for ways to recover the lost funds.

PeckShieldAlert Reported Exploit of $865,000 on RocketSwap

Table of Contents

Thecoinrepublic.com

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