Attack on Based Doge Protocol

A recent incident involving an attack on Doge's protocol on the Base network has raised concerns within the cryptocurrency community. The team behind the project confirmed that on May 27, the protocol faced a security breach similar to the one experienced by Normie. This attack, which exploited a known security vulnerability, occurred just a day after the assault on Normie.

Another Memecoin Attacked

Based Doge is a cryptocurrency project that draws inspiration from Doge memes. The project has introduced a Web3 video game called FlappyBoge and has plans to launch an NFT collection. In response to the attack, the team announced a plan to take a snapshot of current token balances and relaunch the project to compensate the affected parties.

Blockchain data indicates that an account initiated a series of transactions on Base on the fateful day. These transactions involved the transfer of a significant amount of BOGE tokens to the account, accumulating to approximately 91.4 million BOGE.

In each transaction, the attacker executed an unverified function within a smart contract at a specified address. Due to the contract's unverified status, the function's code remained inaccessible to the public. Following the acquisition of 91.4 million BOGE, the attacker promptly converted these tokens into Ethereum, resulting in an equivalent of around $16,926.

While the monetary gain from the attack was modest, its repercussions on the BOGE token's value were substantial. Prior to the security breach, BOGE was valued at $0.002983 with a total token supply of 1 billion, translating to an estimated market value of approximately $2.9 million. However, post-attack, the token's price plummeted to $0.000072, leading to a loss of over $2.8 million in market value.

Web3 and Cyber Threats

A detailed analysis conducted by Web3 insurance provider Neptune Mutual unveiled the root cause of the previous Normie attack. The exploit was attributed to a flawed function, get_premarket_user, which enabled unauthorized minting of tokens by users meeting specific criteria. Subsequently, the attacker managed to mint and release over 170,000 Normie tokens, resulting in substantial financial losses.

The incident underscores the persistent threat posed by smart contract attacks in the crypto space. Recent examples include the $20 million breach at DeFi protocol Sonne Finance and a former employee's alleged attack on the Solana memecoin platform Pump.fun. These security breaches highlight the critical need for robust cybersecurity measures within the cryptocurrency ecosystem.

This article was originally published on COINTURK NEWS.