Meme Coin Under Attack: Price Crashed!

On May 27, 2024, the meme coin project called Based Doge (BOGE) was hacked using an attack method also used in the meme coin called Normie. As a result of the attack, the project lost approximately 97% of its value, and the developers took action to protect token holders. The team confirmed that the exploitation occurred on May 27th on the Memecoin protocol based Doge (BOGE) on the Base network. The team stated that the attack was “similar to Normie” and implied that the attacker took advantage of a security vulnerability similar to the one that caused the recent Normie attack.

Another meme coin hacked

On May 27, 2024, the memecoin project named Based Doge (BOGE) was hacked using an attack method also used in the Normie memecoin. As a result of the attack, the project lost approximately 97% of its value, prompting the developers to take action to protect token holders. The attackers exploited a security vulnerability in the BOGE smart contract using the flash loan technique. In this technique, attackers can temporarily borrow a large amount of funds and profit from sudden price fluctuations.

Attackers, using the funds obtained with a flash loan, emptied the liquidity pool by minting new BOGE tokens. This caused a sudden drop in the token’s price, resulting in the theft of approximately 91.4 million BOGE tokens. As a result of the attack, the price of BOGE dropped from $0.002983 to $0.000072, causing a loss of approximately $2.8 million in value. This situation represents a significant financial loss for token holders.

What happened to the developers’ steps?

After the attack, BOGE developers quickly took action to protect token holders. The developers announced that they will create a new BOGE token by taking a snapshot of token balances before the attack and distribute it for free to the holders of the old token. Additionally, the developers mentioned that they were able to recover a portion of the stolen funds and will use these funds to relaunch the project.

The attack, while a significant blow to the BOGE project, may be mitigated by the swift and proactive actions of the developers to regain the trust of token holders. The new BOGE token is expected to have a market value of between $2.5 to 3 million. The BOGE attack once again demonstrates the importance of smart contract security. Investors should carefully review the smart contracts of projects and seek information from reliable sources before investing.

Furthermore, investors should avoid putting all their funds into a single memecoin and should take care to diversify their portfolios. The BOGE hack incident is an example of how risky memecoin projects can be. Investors should consider all risks before investing in such projects.

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