The Memecoin protocol Based Doge (BOGE) running on the Base network recently disclosed a security breach resulting in the loss of approximately 91.4 million BOGE tokens. The team disclosed that the exploit resembled the Normie attack from the previous week, where a specific vulnerability in smart contracts was exploited. The attacker utilized a flash loan vulnerability to generate additional tokens, drain the liquidity pool, and significantly lower the token price.
The attacker's address was identified as 0xbA2bd237266A1A853e014240Af254055B526Ba0C, while the exploit contract's address was 0x8c4e4164a8db623b610c41b2ba971eb79d5d1a42. Data from the blockchain indicated that the attacker executed over 120 transactions, transferring the compromised 91.4 million BOGE tokens and converting them into 4.47 Ether, valued at approximately $16,926.
The Based Doge team has taken measures to restrict the token supply by recording the current holders through a snapshot and is prepared to relaunch the project. They plan to distribute the entire BOGE token supply to existing holders without any cost. Additionally, the team has received 30 ETH in their marketing wallet to support the project's reconstruction and development. Preparations for a fair relaunch, potentially in collaboration with exchanges like MEXC, are underway, and token holders are advised not to engage in fund transfers.
Efforts are ongoing within the team to achieve the targeted market capitalization range of $2.5 million to $3 million post-relaunch. Current data from Coinmarketcap indicates that $BOGE is being traded at a price of $0.00003834, reflecting a decline of 41.32% in price.
Source: Coinmarketcap
