Based Doge BOGE coin was exploited with a loss of 91.4 million BOGE, price to plummet 98%

Based Doge BOGE coin was exploited with a loss of 91.4 million BOGE, price to plummet 98%

A memecoin On Based Doge (BOGE) has confirmed that the protocol on the Base network was exploited on May 27, emphasizing that the attacker exploited a vulnerability similar to the one that caused the crash. drawing for Normie recently.

The team reported on the attack on X, stating:

“We regret to announce that BOGE was recently exploited (like Normie).”

Normie was exploited on May 26, one day before the attack on Based Doge.

Based Doge is a memecoin project inspired by the DOGE meme. They have released a Web3 video game called “FlappyBoge” and have plans to release an NFT collection.

According to the post, the team will take a snapshot of the current token balance and restart the project so that all hacked victims are compensated.

Blockchain data shows that at 0:48 on May 28, an account with the suffix bAOC made more than 120 transactions on Base. Each transaction made hundreds of thousands of BOGE transferred to the account, totaling about 91.4 million BOGE.

BOGE was drained in the exploit | Source: Basescan

In each transaction, the attacker targets an unverified function on the smart contract located at an address ending in 1a42. Because the contract has not been verified, the code for this function cannot be read.

Immediately after receiving 91.4 million BOGE, the attacker exchanged for approximately 4.47 ETH, worth approximately $16,926 at the time.

Although the amount of money collected is small, the impact on BOGE price is very heavy. Before the attack, BOGE price was $0.002983 and total supply 1 billion, reaching a market capitalization of about $2.9 million.

When the attack occurred, the price plummeted more than 95% to $0.00003, meaning the 1 billion coins that existed before the attack lost more than $2.8 million in value.

Boge 4-hour price chart. Source: TradingView

According to an analysis published by insurance provider Web3 Neptune Mutual , the previous Normie attack was caused by a faulty “get_premarket_user” function. This function allows users to mint new tokens if they are premarket users or if they have the same balance as the deployer’s wallet. The attacker traded tokens until there was a balance in the deployer’s wallet, allowing them to become a “privileged user” authorized to mint new tokens.

After gaining minting rights, they minted more than 170,000 Normie tokens and sold them on the market, causing a loss of more than $800,000.

Smart contract exploits continue to pose risks for cryptocurrency users. On May 17, attackers withdrew $20 million from DeFi protocol Sonne Finance . That same day, a former employee of the Solana memecoin platform was accused of exploiting the protocol using privileged access. The attacker was arrested by British police in connection with the incident.
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