As a long-term crypto investor with experience in the memecoin market, I’m disappointed but not entirely surprised to hear about the BOGE hack on the Base network. The similarities between this attack and the recent Normie attack are concerning, and it’s a reminder of the risks involved in investing in these types of projects.
The BOGE memecoin protocol running on the Binance Smart Chain, which is based on Doge, has announced a hack that occurred recently. Approximately 91.4 million BOGE tokens are believed to have been stolen as a result of this security breach. The team disclosed that the method used by the attacker was reminiscent of the Normie attack from last week, where an exploit in smart contracts was targeted. The attacker successfully manipulated a flash loan vulnerability to generate additional tokens, deplete the liquidity pool, and significantly decrease the token value.
I’m an analyst, and I’d like to share some information with you regarding BOGE. Unfortunately, we’ve encountered a setback – our system was breached by hackers, similar to what happened to Normie. However, rest assured that we remain dedicated to the project’s progress and your trust in us.
— $BOGE I On Base (@bogeonbase) May 27, 2024
The originating address of the hacker was identified as 0xbA2bd237266A1A853e014240Af254055B526Ba0C, and that of the exploit contract was 0x8c4e4164a8db623b610c41b2ba971eb79d5d1a42. According to blockchain records, the attacker executed more than 120 transactions, transferring approximately 91.4 million BOGE and converting them into roughly 4.47 Ether, equivalent to around $16,926.
The Doge team asserts that they’ve limited access to the token supply by taking a record of current token owners, preparing to reactivate the project. They plan on dispensing the entire BOGE token inventory to all BOGE owners at no expense. This initiative has been granted 30 ETH from their marketing wallet for project reconstruction and advancement. Preparations for a possible fair relaunch with exchanges like MEXC are underway, so token holders are advised against transferring their funds.
As a crypto investor, I’m excited about the ongoing efforts from the team to reach our target market capitalization of $2.5 million to $3 million during the project relaunch.
Based on Coinmarketcap data, the current price of Boge coin is at $0.00003834, representing a decrease of 41.32% compared to its previous value.
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2024-05-29 02:29