Rocket Halts Trading After $287K On-Chain Exploit
RKT is trading near its 52-week low of $12.17 (15% above the low).
Summary
Rocket's blockchain suffered an on-chain attack on September 5, resulting in a $287,000 loss. The attacker exploited dormant perpetual markets to place inflated orders and self-trade, generating fake profits that were withdrawn via Bridge. In response, Rocket has suspended all deposits, withdrawals, and trading. The team is working with security firms and law enforcement, and coordinating with exchanges, cross-chain bridges, and stablecoin issuers to trace and freeze the stolen funds. A recovery plan is being prepared, with refunds starting with smaller accounts. This is a material security incident for a company with a $39.8B market cap, though the direct financial loss is modest. The suspension of trading could impact user confidence and near-term activity.
At the time of this announcement, RKT was trading at $13.97 on NYSE in the Crypto Assets sector, with a market capitalization of approximately $39.8B. The 52-week trading range was $12.17 to $24.36. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: Binance News.