$BOG token restarted after flash loan attack
Bogged Finance was officially relaunched more than a week after the token was exploited. The attack doesn’t seem to falter the team as they hope to return stronger than ever with a revamped Version 2 of the $BOG Contract. $BOG has sustained interest and investment from crypto fans despite recently being a victim in the BSC chain.
source
Facts about the relaunch
After completing a third-party review, the BOG team officially restarted at 21:00 UTC on June 1st. 15 hours before the start of trading, the Bog team started sending the new token to pre-snapshot holders via its Bogged.finance platform. The token was launched with a pure trading fee of 5% plus free transfers.
The relaunch is enticing for investors as BOG will launch about 70% below its ATH market cap. Token liquidity was diluted by roughly 3x to 3.5x by pre-exploit holdings. The BOG team is also anticipating a lower volume in circulation than before.
Tokenomics of the new launch:
Max Stock: 15,000,000
Circulating supply: 13,300,000
Introductory price: 145 BOOK per BNB.
Trading fee: 5%
Transfers: For free
The old contract was a forced migration, using the hacker’s identical exploit to remove the illegitimate tokens. The Bog team confirmed on Twitter that old tokens and LP are redeemable as long as they were purchased prior to the May 22 snapshot. The new launch burned 7.5 million old tokens.
To promote the relaunch, the team placed a huge banner promoting the relaunch over the charts platform page. There are millions of users on Bogged.Finance every week and the ad is seen by hundreds of thousands of people every day. Her telegram has also grown to over 20,000 followers. Despite the hack, there is still a lot of interest in BOG.
Post-market expectations
Users can see the full roadmap for the BOG team’s plans going forward here. The team has ambitious goals to meet the growing interest in the relaunch. The BOG team have immediate plans to migrate via their token sniper to prioritize the use of the BOG token as well as migrate stop losses to use the new BOG token for minimum holdings.
The BOG team has some medium to long term plans. They plan to implement a “Pro Mode” in July that will allow for built-in swaps, limit orders, stop-loss, and also an all-around better interface. The team also plans to integrate scheduler oracles, embeddable BogCharts, as well as cross-chain publishing on MATIC with their BOG bridge.
There will be additional token burns after launch. As part of a liquidity boost, LP tokens will be created by matching 221K BOG with 1530 BNB (about $459,000). These LPs are staked and the resulting yield is burned to reduce supply. Finally, for a full fortnight after launch, 1530 BNB (roughly $459,000) will be used to buy back and burn BOG tokens at a rate of ~109 BNB.
The BOG team also confirmed that they will conduct additional third-party audits post-launch.
source
Facts of the Attack
Around 14:30 UTC last Saturday, May 22nd, the legacy $BOG token fell victim to a flash loan attack. A hacker inflated the supply and dumped illegally minted tokens on the market. The hacker was able to exploit a flaw in the staking part of its token contract while increasing the staking amount and repeatedly self-transferring the claims for an inflated staking profit.
According to the BOG team’s Twitter team, the hack stole up to $500,000 in liquidity, equating to nearly $3 million in loot. The attack was foiled within 45 seconds and within 15 blocks of its initiation to prevent the liquidity pools from being completely drained. The attack resulted in over minting of over 15 million $BOG tokens. Subsequently, the Bogged Finance (BOG) token price plunged 98% from $8.6 to a low of $0.29.
According to CoinTelegraph, the exploit was originally reported by PeckShield, an industry-leading blockchain security company. Hackers are known to use flash loans for quick attacks on large amounts of money. Flash loans typically exploit a loophole in the code to artificially manipulate a token’s price.
What is BOG Finance?
BogTools built the Bogged.Finance platform, the next generation infrastructure and utilities for Binance Smart Chain. The platform allows users to research and place orders, limits and stop-loss for any token on BSC.
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.