On May 27, 2024, the meme coin project Based Doge (BOGE) was hacked with an attack method that was also used in the meme coin named Normie. While the project lost approximately 97% of its value as a result of the attack, developers took action to protect token holders. The team confirmed that the Memecoin protocol-based Doge (BOGE) on the Base network was exploited on May 27. The team stated that the attack was “identical to Normie,” implying that the attacker exploited a similar vulnerability to the one that caused the recent Normie attack.
Another meme coin was hacked
On May 27, 2024, the memecoin project named Based Doge (BOGE) was hacked with an attack method also used in the memecoin called Normie. While the project lost approximately 97% of its value as a result of the attack, developers took action to protect token holders. Attackers used the flash loan technique by exploiting a vulnerability in BOGE’s smart contract. In this technique, attackers can obtain large amounts of funds by borrowing for a short period of time and make a profit by creating sudden price fluctuations with these funds.
The attackers emptied the liquidity pool by printing new BOGE tokens using the funds they obtained from the flash loan. This caused a sudden drop in the price of the token and approximately 91.4 million BOGE tokens were stolen. As a result of the attack, the price of BOGE dropped from $0.002983 to $0.000072, resulting in a loss of approximately $2.8 million. This meant a huge financial loss for token holders.
What were the developers’ steps?
Following the attack, BOGE developers took swift action to protect token holders. The developers announced that they will offer a new BOGE token by snapshotting the token balances before the attack and distribute it free of charge to old token holders. Additionally, the developers also stated that they were able to recover some of the stolen funds and will use these funds to restart the new project.
While the attack is a major blow to the BOGE project, quick and proactive steps by developers could help regain the trust of token holders. The new BOGE token is expected to have a market cap between $2.5 and $3 million. The BOGE attack shows once again how important the security of smart contracts is. Investors should carefully examine the smart contracts of projects and obtain information from reliable sources before investing.
Additionally, investors should avoid investing all their funds in a single memecoin and should be careful to diversify their portfolio. 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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