After Safemoon, which stole $8.9 million from the liquidity pool due to its faulty token burning function, an Ethereum-based altcoin project also suffered million dollars in a phishing attack. Double-digit drop in price leads to new lows…
Popular Ethereum staking service lost millions in phishing attack
One of the highlights of the day was the 12% drop in RPL, the token of RocketPool, a major Ethereum-based staking service. This was because, according to reports, millions of dollars of tokens were stolen as a result of a phishing attack.
According to Lookonchain, around 85,900 RPL was withdrawn from “poap.eth” and later converted to ETH. This means that $ 3.8 million is now in hackers’ wallets. One of the exploited wallets belonged to Patricio Worthalter, the founder of the POAP protocol.
After all the stolen RPLs were exchanged for ETH, the hacker distributed the stolen altcoin funds among addresses marked “Fake_Phishing”. He also sent 17 ETH to Binance, one of the largest crypto exchanges.
RocketPool (RPL) price reacts to altcoin hack with double-digit drop
The sale stemming from RocketPool tokens stolen from Worthalter’s wallet destroyed all the positive price action in the last days. RPL is currently trading around $42 per token, recovering somewhat after losing more than 13% of its opening price. At the bottom of the dip, RPL’s daily trading volume on most Binance reportedly reached RPL 49,800 in approximately 15 minutes.
cryptocoin.com We have included the details of the recent attack on SafeMoon’s liquidity pool in this article.
What is RocketPool (RPL)? What are the security vulnerabilities?
RocketPool is an Ethereum-based consensus protocol designed for Proof-of-Stake (PoS) mining on the Ethereum network. RPL is the native token of the RocketPool protocol, and this token is required for the robust functioning of the protocol.
Because RocketPool works based on Ethereum’s PoS protocol, its security relies on the Ethereum network. However, the RocketPool protocol itself may also carry some security risks. Potential vulnerabilities may include:
- Smart contract vulnerabilities: RocketPool works using smart contracts, and the security of these contracts is important. Smart contract vulnerabilities can allow hackers to access the protocol and even steal users’ funds.
- Protocol vulnerabilities: RocketPool uses multiple protocol layers, and communication between these layers is critical to the security of the protocol. A vulnerability in one protocol layer can affect the entire protocol.
- Mining pool (pool) management vulnerabilities: RocketPool is used to create PoS mining pools, and the management of these pools can also affect security. The administrator of the pool can access the funds of the users in the pool and a malicious administrator can steal these funds.
Against such security risks, RocketPool developers have taken various measures to increase the security of the protocol. These include regular updating of the protocol, auditing and testing of smart contracts, pool management security measures, and security measures at different layers to protect users’ funds. However, as with any Blockchain protocol, RocketPool always carries security risks and it’s important for users to be vigilant.
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