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Following RocketSwap Hack on Base, Coinbase to Launch Monitoring Tool ‘Pessimism’

Published August 16, 2023 12:42 PM
Teuta Franjkovic
Published August 16, 2023 12:42 PM
Key Takeaways
  • Coinbase is creating ‘Pessimism,’ an open-source monitoring tool, to detect protocol and network anomalies quickly
  • The exchange is crafting tools to boost developers’ smart contract security confidence in deployment
  • Coinbase urged users to research dapps carefully before participating on Base or other chains

RocketSwap Labs recently fell victim to a brute force hack, resulting in the compromise of their funds, to that end, Coinbase is building a new monitoring tool that will quickly identify anomalies within the protocol – Pessimism.

In the security breach, thieves stole 471 ETH, equivalent to almost $865,000. Reputable security company PeckShield , which has been at the forefront of crypto security, confirmed the exploit.

Since there was no prior notice of the breach, RocketSwap Labs, the target of this brute force attack, was caught off guard. Following this, the hackers have created a staggering 90 trillion tokens of a memecoin called “LoveRCKT,”.

Reinforcing Ethereum’s Security with ‘Pessimism’

CCN spoke to a Coinbase spokesperson who said that given the permissionless and open nature of Base, the company expects to see various types of projects built on the network.

“We encourage consumers to do their research diligently before participating in any dapp, on Base or any other chain, just as they would on the open internet,” the spokesperson said.

Coinbase told CCN that it believes customers should have access to information, tools, and expertise so they can make informed decisions before sending or signing any kind of transaction.

Coinbase has announced its commitment to bolstering the overall security of the Ethereum ecosystem by introducing an open-source monitoring tool dubbed Pessimism .

According to Coinbase’s spokesperson, Pessimism is designed to swiftly identify anomalies within the protocol and network, thereby fortifying the system’s security. Additionally, the company is actively engaged in the creation of tools aimed at enabling developers to enhance their confidence in the security of the smart contracts they deploy.

Prioritizing Security in Base’s Strategy

The spokesperson reiterated what the company previously stated in Base’s official documents .

Base is, therefore, committed to a security-centric approach with the aim of ushering in the next wave of developers and users onto the blockchain.

“We want to share how we’ve approached security on Base to date, how we’re preparing for a secure mainnet launch with internal and external security audits, and how we draw on Coinbase’s best practices in on-chain security,” says  the document.

In collaboration with Optimism , Base is underpinned by the OP Stack, an open-source security framework. This foundational choice allows the company to leverage the extensive security endeavors undertaken by the OP Labs team and the broader Optimism community, encompassing rigorous audits conducted by specialized firms as well as community-driven competitions.

Coinbase has enlisted its Protocol Security team to conduct an internal audit, aiming to further assess the security robustness of the OP Stack.

Launching the Mainnet With a Focus On Security

According to the document  that Coinbase shared with CCN, with security as its first priority, Base was created by fusing the security best practices of Coinbase with the decentralized security rigor of an open-source codebase.

Starting from the premise that horrible things might happen and attacks would become more sophisticated is a big part. In that vein, the company conducted practice drills to evaluate and improve our readiness for action and the Base’s general resilience in the case of a major disaster.

“With all of our security efforts, we hope to be able to see around corners and lessen the impact of these attacks,” the company stated .

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