The team behind Doge (BOGE) confirmed an attack on the Based Doge protocol on May 27. This attack exploited a security vulnerability similar to the one used in the recent Normie attack on May 26. The breach led to a substantial drop in BOGE's market value.

Incident Details

Based Doge, a memecoin project, was attacked on May 27, affecting its token balances. The team plans to take a snapshot of current balances and relaunch the project to compensate victims. Blockchain data shows that an account ending with bAOC executed over 120 transactions on Base, transferring approximately 91.4 million BOGE. The attacker exchanged these tokens for about 4.47 Ethereum, valued at around $16,926 at the time.

Market Impact

The attack caused a significant drop in BOGE's price from $0.002983 to $0.000072, reducing the market value from approximately $2.9 million to just over $72,000.

Web3 and Hack Attacks

The vulnerability exploited in the Normie attack involved a faulty get_premarket_user function, allowing an attacker to mint tokens. Similar security flaws continue to pose risks for crypto users. Recent incidents include a $20 million withdrawal from DeFi protocol Sonne Finance and an insider attack on the Solana memecoin platform Pump.fun.

In conclusion, smart contract vulnerabilities remain a critical issue in the crypto space, as evidenced by recent attacks on projects like Based Doge and Normie. The Based Doge team is working to mitigate the impact and compensate affected users.