The Based Doge (BOGE) protocol on the Base network suffered an attack on May 27, according to a statement from the project team. The breach, which occurred a day after a similar attack on Normie, exploited a comparable security vulnerability. The attacker managed to siphon off millions of BOGE tokens, highlighting ongoing security issues within the cryptocurrency space.
What Happened to Based Doge?
Based Doge, a memecoin inspired by Doge memes, recently ventured into the Web3 space with a video game named FlappyBoge and announced plans for an NFT collection. Following the attack, the team pledged to take a snapshot of current token balances and reinstantiate the project, ensuring all victims receive compensation.
How Was the Attack Executed?
Blockchain data indicates that an account ending with bAOC initiated over 120 transactions on Base at 20:48 on May 27. Each transaction resulted in substantial transfers of BOGE tokens to this account, culminating in approximately 91.4 million BOGE. The attacker accessed an unverified function in a smart contract, making it impossible for others to read the function’s code. Subsequently, the attacker converted the stolen tokens into 4.47 Ethereum, valued at around $16,926 at the time.
Consequences of the Attack?
Although the financial gain for the attacker was relatively small, the impact on BOGE’s market value was devastating. The token’s price plummeted from $0.002983 to $0.000072, resulting in a loss of over $2.8 million in market value. The total supply of one billion tokens saw a sharp decline, significantly affecting investors and the project’s future prospects.
Key Takeaways for Crypto Users
– Always verify smart contracts before engaging.
– Stay updated with security practices and vulnerabilities in the crypto space.
– Use reputable platforms with a track record of secure operations.
– Report any suspicious activities or vulnerabilities to the project team immediately.
– Consider using insurance services for additional protection against such attacks.
Result
Neptune Mutual, a Web3 insurance provider, analyzed the previous Normie attack, attributing it to a faulty function that allowed unauthorized token minting. This incident and other recent attacks on DeFi protocols underscore the ongoing risks posed by smart contract vulnerabilities. On May 17, attackers extracted $20 million from Sonne Finance, and a former employee of Pump.fun allegedly exploited privileged access for a similar attack. These events highlight the critical need for robust security measures to protect crypto assets.