- Based Doge (BOGE), a memecoin on the Base network, was exploited on May 27, mirroring a vulnerability similar to the recent Normie exploit.
- The exploit involved unauthorized transactions that siphoned off approximately 91.4 million BOGE, leading to a sharp decline in the coin’s market value.
- In response, the Based Doge team plans to snapshot current token balances and relaunch the project to compensate victims.
The cryptocurrency community was alerted to a security breach affecting the Based Doge memecoin (BOGE), as confirmed by its team on May 27. This incident occurred shortly after a similar exploit targeted another cryptocurrency, Normie, underscoring ongoing security challenges in the sector.
Vulnerability and Attack Details
The breach was executed through a series of unauthorized transactions on the Base network. An unidentified attacker initiated over 120 transactions from a blockchain account, leading to the transfer of roughly 91.4 million BOGE into their possession. This method of attack exploited a vulnerability in an unverified smart contract function, which is not available for public review, complicating efforts to understand and rectify the exploit.
Market Impact and Response
The attack had a substantial impact on the market value of BOGE. Before the incident, BOGE was trading at $0.002983 per coin with a total supply of 1 billion coins, equating to a market cap of about $2.9 million. Following the exploit, the price of BOGE plummeted to $0.000072 per coin, erasing nearly $2.8 million in market value.
In the wake of the attack, the Based Doge team announced plans to take a snapshot of current token balances and relaunch the project. This measure aims to mitigate the damage for those affected by the breach by restoring their holdings in the new iteration of the token.
Comparative Analysis
This incident closely resembles the attack on the Normie cryptocurrency, where a similar vulnerability was exploited. In that case, an attacker manipulated the smart contract to mint new tokens, leading to significant market disruption and financial losses.
The repeated nature of these incidents highlights the persistent risks associated with smart contract vulnerabilities in the cryptocurrency landscape. Investors and project teams are urged to prioritize security audits and enhance their protocols to prevent such exploits in the future.
