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Two crypto projects, RocketSwap and SwirlLend, on Coinbase-backed layer2 network Base have lost more than $1 million to malicious players in the last 24 hours.<\/p>\n
SwirlLend rug pulled over $460,000 on two blockchain networks, including Base, earlier today, according to CertiK.<\/a><\/p>\n SwirlLend is a lending platform based on Linea and Base. Data<\/a> from DeFillama shows that the total value of assets locked on the protocol plunged to less than $50 from a peak of $769,440 recorded on Aug. 15.<\/p>\n SwirlLend\u2019s social media accounts have been deleted, and its website was no longer accessible as of press time.<\/p>\n Blockchain security firm Peckshield reported<\/a> that SwirlLend\u2019s deployer had bridged $290,000 in cryptos from <\/span>Base<\/span> to <\/span>Ethereum. Additionally, the attacker bridged 94 <\/span>ETH<\/a> from <\/span>Linea to <\/span>Ethereum via Orbiter Finance Bridge.<\/span><\/span><\/p>\n On Aug. 15, RocketSwap confirmed that it suffered a brute force attack that led to the loss of an undisclosed amount.<\/p>\n Peckshield estimated<\/a> that the losses were around 471 ETH, equivalent to $865,000,<\/span> and noted that the hacker bridged the funds from Base to Ethereum. <\/span><\/p>\n \u201cDue to the proxy contract linked to our farm contract, multiple high-risk permissions became vulnerable,\u201d RocketSwap said. \u201cThis resulted in the unauthorized transfer of the farm\u2019s assets. Immediate steps were taken to shut down the farm and halt further potential risks.\u201d<\/span><\/p>\n The decentralized exchange <\/span>announced<\/span><\/a> an emergency program to redeploy a new farm contract that will be open-sourced on-chain. It added that it would contact the hacker to return the funds.<\/span><\/p>\n However, some affected users <\/span>believe<\/span><\/a> that this was a rug-pull by the team itself and are also <\/span>criticizing<\/span><\/a> the project for locking comments and making it impossible for users to reach out.<\/span><\/p>\n Meanwhile, the RocketSwap attacker created two memecoins named LoveRCKT and LoveRCKT 2.0, and the value of both assets rapidly plunged<\/a> after he removed liquidity from them.<\/p>\n While DeFi exploits<\/a> are common occurrences within the crypto space, Base is quickly becoming notorious for projects rug despite its relatively new launch<\/a>.<\/p>\n BALD memecoin was one of the first projects on the L2 network and reached an $85 million market cap before it was rugged<\/a> by its creator.\u00a0<\/span><\/p>\n Another project, FrensTech, was allegedly rug pulled<\/a> by the AzFlin, a former employee of Uniswap. AzFlin withdrew 14 ETH in liquidity from the project, bankrupting it. <\/span><\/p>\n The incident led to his eventual dismissal from the decentralized exchange, with <\/span>Uniswap CEO Adam Hayden saying<\/a> the company does not condone such behavior. However, AzFlin has vehemently denied<\/a> claims that he rugged the project.<\/p>\nRocketSwap hacked<\/h2>\n
Base becoming a fertile ground for bad actors<\/h2>\n