Key Points:
According to the initial announcement, the platform detected a strong attack on the server due to the proxy contract used for the farm contract, which has many high-risk rights resulting in the transfer of the farm’s assets.
The reason is that the hacker used brute force – mixing characters to form a valid password to take control of the platform. The team worked to close the farm to prevent further damage. The group is currently working on an emergency plan, and the Telegram group has been banned for now.
All the RCKTs in the farming/staking pool were hacked and swapped into WETH. However, the announcement states that the loss of farm assets is only a concern, other than that the DEX is not affected in any way. Specific damage has yet to be determined.
Recently, the platform has updated the immediate solution:
The RCKT token has been continuously plunging following the news and has plummeted over 55% in the past 24 hours.
This is not the first time Coinbase’s layer 2 implementations have been hacked. Earlier, LeetSwap, a decentralized exchange, halted trading to investigate a mining incident that cost liquidity providers 340 ETH.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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