{"id":56803,"date":"2023-08-16T11:25:54","date_gmt":"2023-08-16T15:25:54","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=56803"},"modified":"2023-08-17T03:08:03","modified_gmt":"2023-08-17T07:08:03","slug":"swirllend-rug-pull-as-rocketswap-hack-rock-base-network","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/swirllend-rug-pull-as-rocketswap-hack-rock-base-network\/","title":{"rendered":"SwirlLend Rug Pull as RocketSwap Hack Rock Base Network"},"content":{"rendered":"\n

Base, a new blockchain network that promises fast and cheap transactions, has been hit by two major incidents involving SwirlLend and RocketSwap, two projects built on its platform. SwirlLend, a lending protocol, suffered a rug pull that drained its assets, while RocketSwap, a decentralized exchange, was hacked by an attacker who exploited a bridge to Ethereum.<\/p>\n\n\n\n

\"SwirlLend<\/figure>\n\n\n\n

SwirlLend, \r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>a lending protocol that claimed to offer high-interest rates and low collateral requirements, has been rugged on Base, as security firm PeckShield reported. <\/p>\n\n\n\n

The project suffered a rug pull today that led to the total volume of its assets falling from $784,300<\/strong> to $49,200.<\/strong> <\/p>\n\n\n\n

The protocol\u2019s official Twitter, Telegram, GitHub, and Discord channel accounts deleted themselves shortly after the rug pull.<\/p>\n\n\n\n

The deployment also bridged $289,500<\/strong> in ether and USDC tokens<\/a> to the Ethereum blockchain from Coinbase\u2018s Base. <\/p>\n\n\n\n

The deployer also removed 32,600 USDC<\/strong> and 140.68 ETH,<\/strong> while 92 ether<\/strong> is still held on the platform.<\/p>\n\n\n\n

In an update, PeckShield said that SwirlLend got rugged on Base and Linear, another blockchain network that supports cross-chain transactions. <\/p>\n\n\n\n

The deployer reportedly bridged 94 ETH<\/strong> from Linear to Ethereum<\/a> through the Orbiter Finance bridge. <\/p>\n\n\n\n

\n

#PeckShieldAlert<\/use><\/svg><\/span><\/a> #Rugpull<\/use><\/svg><\/span><\/a> SwirlLend on #Base<\/use><\/svg><\/span><\/a> has been rugged. The TVL of SwirlLend has dropped from $784.3K to $49.2K.

@SwirlLend has already deleted its social platform.

The deployer has already bridged ~$289.5K worth of cryptos from #Base<\/use><\/svg><\/span><\/a> to #Ethereum<\/use><\/svg><\/span><\/a>, including 140.68 $ETH<\/use><\/svg><\/span><\/a>\u2026 pic.twitter.com\/O0fFjA7zKR<\/use><\/svg><\/span><\/a><\/p>— PeckShieldAlert (@PeckShieldAlert) August 16, 2023<\/use><\/svg><\/span><\/a><\/blockquote>

The remaining balance amounts to 165.6 ETH<\/strong> and 32,641 USDC.<\/strong><\/p>\n\n\n\n

RocketSwap Loses $865,000 in Hack<\/h3>\n\n\n\n

Meanwhile, RocketSwap Labs,<\/use><\/svg><\/span><\/a> a project that aims to create a decentralized exchange and yield farming platform on Base, fell victim to a hacking incident resulting in the loss of $865,000 or 471 Ether. <\/p>\n\n\n\n

The attacker exploited a bridge from the network to Ethereum. Following the breach, the attacker generated massive \u201cLoveRCKT\u201d<\/use><\/svg><\/span><\/a> tokens, totaling 90 trillion<\/strong> in supply. These tokens were then transferred to Uniswap, along with 400 ETH.<\/strong><\/p>\n\n\n\n

In response to the breach, the RocketSwap Labs team outlined their plan of action to redeploy a new farm contract, make it open-source on the blockchain, and relinquish the minting rights, presumably related to the RCKT token. <\/p>\n\n\n\n

Furthermore, the team indicated that they would call upon the hackers to return the assets taken.<\/p>\n\n\n\n

Base Under Scrutiny<\/h3>\n\n\n\n

Base has generated attention due to its mainnet launch and subsequent implementation. <\/p>\n\n\n\n

The network claims to offer fast and cheap transactions for various use cases such as decentralized finance (DeFi), non-fungible tokens (NFTs), gaming, and social media. <\/p>\n\n\n\n

However, the recent SwirlLend incident mirrors a similar situation involving the BALD meme coin, once valued at $85 million.<\/strong> <\/p>\n\n\n\n

The value of BALD <\/use><\/svg><\/span><\/a>collapsed almost entirely after an unidentified developer withdrew liquidity from the primary pool, even before the mainnet launch.<\/p>\n\n\n\n

More recently, someone accused AzFlin,<\/use><\/svg><\/span><\/a> a developer associated with Uniswap and FrensTech deployment, of rug-pulling 14 ETH, equivalent to $26,000, from the FrensTech project on the Base network.<\/p>\n\n\n\n

These actions allegedly occurred just four hours after the project\u2019s launch. AzFlin countered these allegations, claiming that he had only withdrawn 1 ETH worth of liquidity that he had initially contributed to the project. <\/p>\n\n\n\n

Despite his explanation, AzFlin was subsequently removed from his role at Uniswap<\/a>.<\/p>\n\n\n\n

These incidents have raised questions about the security and reliability of Base and its projects. <\/p>\n\n\n\n

Some users have expressed frustration and disappointment with the network and its developers on social media platforms like Reddit and Twitter. <\/p>\n\n\n\n

Others have warned potential investors to be cautious and vigilant when dealing with new and untested projects on Base.<\/p>\n","protected":false},"excerpt":{"rendered":"

Base, a new blockchain network that promises fast and cheap transactions, has been hit by two major incidents involving SwirlLend and RocketSwap, two projects built on its platform. SwirlLend, a lending protocol, suffered a rug pull that drained its assets, while RocketSwap, a decentralized exchange, was hacked by an attacker who exploited a bridge to […]<\/p>\n","protected":false},"author":44,"featured_media":56805,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[32],"tags":[8138,15860,15859,15858,809,15857],"class_list":["post-56803","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-exchange-news","tag-ether-3","tag-bald","tag-rock-base","tag-rocketswap","tag-rug-pull","tag-swirllend"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/08\/base-780x470-1.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/56803","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=56803"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/56803\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/56805"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=56803"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=56803"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=56803"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}