The Boge (BOGE) team confirmed the attack in a tweet on May 27th. The team’s statement explained that attackers exploited a similar vulnerability as in the recent meme coin Normie hack.

Blockchain data shows that an account ending in “bAOC” initiated over 120 transactions on Base on May 27th. Each transaction resulted in the transfer of hundreds of thousands of BOGE to the account, totaling 91.4 million BOGE stolen.

You may also be interested in this post: Japanese Retirement Found Invests in Bitcoin

After stealing the 91.4 million BOGE, the attackers converted them into 4.47 Ethereum worth $16,926. According to CoinGecko data, the price of BOGE plummeted by around 95% after the attack, effectively wiping out its value.

The team’s statement assured investors that a snapshot of all current holders has been taken and the project will be relaunched:

We have taken a snapshot of all current holders and are preparing to relaunch the project. Our primary focus is to ensure that everyone is well taken care of during this transition. We will be redistributing the total BOGE token supply to all holders for free.

The post Meme Coin Boge Suffers Cyberattack, Price Crashes by Over 90% appeared first on Coin Engineer.

Negotiations with Hacker

The developers of NORMIE are now engaged with the hacker to try and reclaim around 90% of the stolen money. However, these measures have not shielded the token from a price drop to as low as 96% since the exploit. From the reports, the hacker was asking that NORMIE spend the stolen money and $2. 3 million from its development wallet to launch a new token to compensate the NORMIE holders. The hacker also wanted assurances that no action would be taken against him or her.

“We will have to re-launch, yes,” NORMIE’s team stated on a new X account created after its main one was suspended. They mentioned that the relaunch would occur after recovering their main Twitter account and the stolen funds. However, this temporary account was also suspended shortly after.

The hacker reiterated the necessity of a token re-launch before returning the funds, emphasizing, “The dev wallet made significantly more than I did during this exploit, and I have no other way to ensure that those funds are used appropriately.”

Community and Price Impact

“Dinho,” an administrator of the official NORMIE Telegram group, could not confirm when NORMIE token holders might recover their stolen funds. Dinho’s X account was also suspended. The price of NORMIE began to drop at 3:55 am UTC on May 26 and within an hour, plummeted over 92% to $0.0032. It further declined to 99.5% after two and a half hours. Although there was a brief price spike to $0.019, it continued to decrease to $0.0016 at the time of writing, marking a 96% fall. The market cap bottomed out at $200,000 but has slightly recovered since.

The team behind the blockchain scam detector tool Quick Intel claims that 72,000 NORMIE holders were impacted by the smart contract vulnerability, which had been discovered in March. The total amount of funds stolen remains unclear.

NORMIE was created recently in the memecoin craze on Base in March 2024; it had its all-time high of $130 million of market capitalization on April 2, 2024, based on data obtained from CoinGecko.

The post NORMIE Token Plummets 99% After Smart Contract Exploit appeared first on Coin Engineer.

A memecoin named Normie has been subjected to a severe attack that caused its price to drop by over 99% in just a minute.

The token’s market capitalization, in a shocking turn of events, plunged from a staggering $40 million to around $170,000.

Normie’s supply was significantly inflated by the attacker exploiting a vulnerability in the token contract’s tax mechanism to execute a flash loan attack. This type of attack involves borrowing a large amount of cryptocurrency and using it to manipulate the market before repaying the loan within the same transaction.

Trading at $0.042 before the attack, Normie’s price has nosedived by 99.54% as of this writing, hovering around $0.0001812.

However, the token was not listed on any major centralized exchanges. It was only trading on Justin Sun’s crypto exchange HTX and decentralized exchanges. The token experienced a staggering 24-hour trading volume of $41.3 million due to the attack.

Normie was operating on Coinbase’s layer-2 solution Base.

The post Popular Memecoin Attacked, Price Drops 99%! appeared first on Coin Engineer.