Based Doge Memecoin Falls Victim to Exploit, Team Plans Restitution for Affected Users
Summary:
The memecoin project, Based Doge (BOGE), endured a security exploit similar to the recent Normie attack, on May 27. The perpetrator initiated numerous transactions, amassing around 91.4 million BOGE, which were subsequently converted to Ether (ETH). This incident led to a drastic price drop and significant market cap reduction of the coin. In the aftermath, the team intends to capture current token balances and restore the project to compensate those affected.
The Based Doge (BOGE) memecoin, existing on the Base network, suffered an exploit attack on May 27, a fact that has been acknowledged by the team. They highlighted that this attack was akin to the recent Normie exploit, leveraging on a similar weakness. An announcement was made on X, revealing the unfortunate breach in BOGE's security by a hacking incident reminiscent of the Normie situation.
Normie experienced its breach just one day prior to the Based Doge incident, on May 26. Inspired by the Doge meme, Based Doge is a memecoin initiative which has presented an interactive web-based game, dubbed "FlappyBoge", and harbors plans to unveil a nonfungible token range.
The team has expressed intentions of capturing a snapshot of the current token balances to enable restoration of the project. The plan will ensure all those impacted by the attack are duly compensated. Blockchain records indicate that over 120 transactions were initiated on Base at around 5:48 pm UTC on May 27 by an account ending in bAOC. Every transaction led to hundreds of thousands of BOGE being deposited into the account, cumulatively amounting to roughly 91.4 million BOGE.
An unverified function, tied to a smart contract at an address ending in 1a42, was triggered in each transaction by the attacker. The 91.4 million BOGE in the attacker's possession were swiftly converted into about 4.47 Ether (ETH), valued at approximately $16,926. Though the attacker's gain was relatively modest, the impact on BOGE's price was significantly more substantial.
BOGE was valued at $0.002983 before the attack, with a total supply of 1 billion according to CoinMarketCap, suggesting a market cap of around $2.9 million. However, the attack caused the price to drop to 0.000072, implying a value loss of around $2.8 million on the 1 billion coins, compared to their pre-attack worth.
A detailed study released by Neptune Mutual, a Web3 insurance provider, revealed that the Normie situation resulted from a faulty "get_premarket_user" function which granted minting privileges to certain users. The attacker manipulated this function to print over 170,000 Normie tokens, ultimately leading to a market loss exceeding $800,000.
These exploitative attacks are an ongoing risk in the cryptocurrency realm. On May 17, Sonne Finance, a DeFi protocol, lost $20 million to an attacker. The same day, a former Solana memecoin platform worker allegedly used privileged access to exploit Pump.fun, claiming to have been apprehended by U.K. authorities in relation to the incident.
Published At
5/28/2024 8:10:59 PM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.