A Dogecoin imitator memecoin named Based Doge (BOGE) was recently subjected to a significant hacking incident.
According to the developers' statement, the method used in the recently hacked memecoin Normie was used in the attack.
The value of the memecoin in question dropped by approximately 97% after the hacking incident. However, the developers stated in their message that they received a snapshot of the token holders and that they would restart the project. Before the hacking incident, BOGE could only be purchased from central exchanges via MEXC.
According to the developers, the new BOGE altcoin supply will be transferred to previous owners without the need to pay fees.
Details of the attack were also disclosed. According to the developers, the attack was caused by a vulnerability in the token's smart contract. The attacker used the flash loan technique to issue new tokens and drained the liquidity pool, deeply affecting the value of the token.
According to the developers, the hackers still failed to obtain a significant amount of funds and the 30 ETH in question will be used to restart the memecoin.
According to the developers, the new token to be released is expected to have a market value between 2.5 and 3 million dollars.
*This is not investment advice.