- The recent cyber attack on the Base-based meme coin, Boge (BOGE), has resulted in a significant devaluation of over 90%.
- This incident follows a similar exploit that targeted the Normie meme coin, raising concerns about the security of such projects.
- According to blockchain data, the attacker managed to transfer 91.4 million BOGE, converting it to 4.47 Ethereum worth approximately $16,926.
The Boge meme coin experienced a drastic drop in value following a cyber attack, highlighting vulnerabilities in the crypto space.
Massive Devaluation Following Cyber Attack
The Boge (BOGE) meme coin faced a severe devaluation exceeding 90% after a cyber attack on May 27. The project’s team confirmed the breach through a social media post, noting that the exploit was similar to the recent Normie hack. Blockchain data revealed that the attacker initiated over 120 transactions, resulting in the transfer of 91.4 million BOGE tokens.
Details of the Attack
The attacker, identified by the blockchain address ending in “bAOC,” executed numerous transactions on the Base network. Each transaction involved the transfer of hundreds of thousands of BOGE tokens, culminating in a total of 91.4 million BOGE being stolen. The stolen tokens were quickly converted into 4.47 Ethereum, valued at $16,926.
Immediate Aftermath and Response
Following the attack, Boge’s value plummeted by approximately 95%, rendering the token nearly worthless. The project’s team responded by taking a snapshot of all current investors and announced plans to relaunch the project. They assured investors that the total BOGE token supply would be redistributed to all holders at no cost.
Security Concerns in the Crypto Space
This incident underscores the ongoing security challenges within the cryptocurrency sector, particularly for meme coins and other high-risk projects. The Boge attack, mirroring the recent Normie exploit, raises questions about the robustness of security measures in place. Analysts stress the importance of rigorous security protocols and continuous monitoring to safeguard against such vulnerabilities.
Conclusion
The Boge meme coin’s drastic devaluation following a cyber attack serves as a stark reminder of the inherent risks in the crypto space. While the project’s team has committed to compensating investors and relaunching the project, the incident highlights the need for enhanced security measures. Investors are advised to remain vigilant and prioritize security when engaging with high-risk crypto assets.
