Rocket Suspends Deposits, Withdrawals, and Trading After $287,000 On-Chain Attack

L1 blockchain Rocket said it discovered an on-chain attack on September 5 that resulted in losses of about $287,000. According to Foresight News, all deposits, withdrawals, and trading have been suspended. The attacker used dormant perpetual markets on Rocket to place artificially inflated price orders through a one-time account and traded with itself, generating fake profits in the account while causing the one-time account to go bankrupt. The attacker then withdrew about $287,000 in profits from Bridge. The team is working with security firms and law enforcement, and is coordinating with exchanges, cross-chain bridges, and stablecoin issuers to trace and freeze the stolen funds. It is also preparing a recovery plan that will begin refunds with smaller accounts.