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- 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.
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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.
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