By Jet Encila
Based on the incident post mortem, the project’s BOG token was exploited by a cyber attacker and was able to drain half of its $6 million liquidity through a complex flash loan-based breach that was stopped on its tracks within 15 blocks of its origin point, preventing a complete wipeout of the liquidity pools.
Bogged Finance has already planned to forcefully transfer contracts by leveraging the same exploit the still-to-be-identified attacker in an attempt to get rid of the illegally obtained tokens.
According to news.bitcoin.com, the project’s team said, “Everyone will receive their LP tokens and BOG on a new contract over the coming hours.”
But as of May 24, the team admitted the project’s migration is taking longer than expected but assured that the funds are being kept secure until redeployment is completed.
They also expressed their excitement over the launch of the new version of BOG Contract with over 7.5 million burned tokens, adding a countdown that will be announced before the anticipated re-launch.
On May 19, fellow Binance Smart Chain DeFi project Pancakebunny used its Twitter account to inform users they suffered a massive attack.
The project was also subjected to a flash loan exploit, where the hacker used Pancakeswap in borrowing a huge amount of BNB before manipulating the price of USDT/BNB as well as BUNNY/BNB. The attacker ultimately hauled a big amount of BUNNY tokens through the exploit and dumped all of it in the market. Lastly, the hacker paid back the borrowed BNB through Pancakeswap.
The attack resulted in an identical loss of $3 million, and both BUNNY and BOG markets suffered after the respective attacks, with BOG slipping from $1.80 per token all the way down to $0.0003.