Memecoins took another hit this week after Based Doge (BOGE) fell victim to a hacking exploit, mirroring a recent attack on another project.
Based Doge, a memecoin inspired by the Doge phenomenon, confirmed the attack on May 27th. The exploit, similar to one that hit the Normie project the day before, targeted a vulnerability in the project’s smart contract.
Replicating the Normie Nightmare
Details on the exploit remain scarce due to the unverified nature of the targeted smart contract function. However, the Based Doge team has acknowledged the similarities to the Normie exploit, which centered on a faulty “get_premarket_user” function.
In the Normie attack, a loophole allowed users to manipulate their token balance to gain minting privileges. The attacker then minted massive quantities of Normie tokens, crashing the price and causing over $800,000 in losses.
BOGE Bleeds Value
The Based Doge exploit followed a similar pattern. Blockchain data shows a single account transferring over 120 transactions, each siphoning hundreds of thousands of BOGE tokens. This resulted in a total loss of approximately 91.4 million BOGE.
While the attacker only managed to convert the stolen tokens to around $16,926 worth of Ethereum, the impact on BOGE’s price was devastating. Prior to the attack, the coin boasted a market cap of roughly $2.9 million. However, the exploit caused the price to plummet by over 99.7%, effectively wiping out over $2.8 million in value.
Also Read: Cryptocurrency’s Achilles’ Heel: Understanding and Mitigating Address Poisoning Attacks
The Based Doge team, in an effort to compensate victims, has pledged to take a snapshot of current token balances and relaunch the project. This relaunch, they hope, will restore value lost in the exploit.
Crypto’s Security Struggle
The Based Doge exploit serves as another stark reminder of the security risks inherent in the cryptocurrency space. Just weeks prior, DeFi protocol Sonne Finance lost $20 million in an attack, and an alleged insider exploited Solana memecoin platform Pump.fun.
As the crypto industry continues to evolve, developers and users alike must prioritize robust security measures to build trust and prevent future financial catastrophes.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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