- Another memecoin has fallen victim to a hack, causing its value to plummet within seconds.
- The memecoin, Based Doge (BOGE), experienced a significant hack recently, mirroring a previous attack on another memecoin called Normie.
- The value of BOGE dropped by approximately 97% following the hack. Developers have announced a snapshot of token holders and a plan to relaunch the project.
Discover the latest developments in the world of cryptocurrency as Based Doge (BOGE) faces a major hack, causing a dramatic drop in value. Learn about the attack, its implications, and the developers’ plans for recovery.
Based Doge (BOGE) Hack: A Major Setback
Based Doge (BOGE), a Dogecoin-inspired memecoin, recently suffered a significant hack that led to a drastic drop in its value. The attack, which mirrored a previous hack on another memecoin called Normie, exploited a vulnerability in the token’s smart contract.
Details of the Hack
According to the developers, the hacker used a flash loan technique to mint new tokens and drain the liquidity pool, severely impacting the token’s value. Despite the severity of the attack, the hacker was unable to secure a substantial amount of funds, with only 30 ETH being taken. This amount will be used to relaunch the memecoin.
Developers’ Response and Future Plans
The developers have taken a snapshot of the current token holders and plan to issue new BOGE tokens to them without any additional cost. They anticipate that the new token will have a market value between $2.5 million and $3 million. The relaunch aims to restore confidence among investors and stabilize the token’s value.
Conclusion
The recent hack on Based Doge (BOGE) highlights the ongoing security challenges in the cryptocurrency space. While the developers’ swift response and plans for a relaunch offer some hope, the incident serves as a reminder of the risks associated with investing in memecoins. Investors are advised to stay informed and exercise caution in the volatile crypto market.
