Based

Neptune

Normie

Base

Doge Protocol

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/attacker-targets-based-doge-protocol" data-wpel-link="internal" rel="noopener noreferrer nofollow">Attacker Targets Based Doge Protocol</a><br></p>
<p style="text-align: justify">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.</p>
<h2 id="what-happened-to-based-doge">What Happened to Based Doge?</h2>
<p style="text-align: justify">Based Doge, a <a href="https://en.bitcoinhaber.net/the-rise-of-dog-themed-memecoins-a-look-at-bonk-coin" data-wpel-link="internal" rel="noopener noreferrer nofollow">memecoin</a> inspired by Doge memes, recently ventured into the Web3 space with a video <a href="https://newslinker.co/category/gaming/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">game</a> 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.</p>
<h2 id="how-was-the-attack-executed">How Was the Attack Executed?</h2>
<p style="text-align: justify">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.</p>
<h2 id="consequences-of-the-attack">Consequences of the Attack?</h2>
<p style="text-align: justify">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 <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">investors</a> and the project’s future prospects.</p>
<h2 id="key-takeaways-for-crypto-users">Key Takeaways for Crypto Users</h2>
<p style="text-align: justify">– Always verify smart contracts before engaging.<br> – Stay updated with security practices and vulnerabilities in the crypto space.<br> – Use reputable platforms with a track record of secure operations.<br> – Report any suspicious activities or vulnerabilities to the project team immediately.<br> – Consider using insurance services for additional protection against such attacks.</p>
<h2 id="result">Result</h2>
<p style="text-align: justify">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.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/attacker-targets-based-doge-protocol" data-wpel-link="internal" rel="noopener noreferrer nofollow">Attacker Targets Based Doge Protocol</a></h5>

Attacker Targets Based Doge Protocol

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