BOG token successfully relaunched and strives for continued innovation
$BOG Token Relaunches after Flash Loan Attack
Bogged Finance officially relaunched more than a week after the token was exploited. The attack doesn’t seem to have bogged down the team as they hope to be back stronger than ever on top of a revamped version 2 of the $BOG contract. $BOG has maintained the interest and investments of crypto fans despite being a recent victim on the BSC chain.
Facts of the Relaunch
Upon completion of a third-party audit, The BOG team officially relaunched at 9 PM UTC on June 1st. 15 hours prior to the trading launch, the Bog Team began airdropping the new token via their bogged.finance platform to pre-snapshot holders. The token launched with a 5% trading-only fee plus free transfers.
The re-launch is enticing for investors as BOG will launch approximately 70% below its market cap ATH. The token liquidity was diluted by the pre-exploit holdings by approximately 3–3.5x. The BOG Team also expects a smaller circulating supply than before.
Tokenomics of the new launch:
Max Supply: 15,000,000
Circulating Supply: 13,300,000
Initial Launch Price: 145 BOG per BNB.
Trading Fee: 5%
The old contract was a forced migration by using the hacker’s identical exploit to remove the illegitimately created tokens. The Bog Team confirmed on Twitter that Old tokens and LP will be redeemable as long as they were purchased before snapshot on May 22. The new launch saw 7.5 million old tokens burned.
To advertise the relaunch, the team placed a massive banner advertising the relaunch above their charts platform page. There are millions of users on Bogged.Finance every week and the ad is seen by hundreds of thousands of people per day. Their Telegram has also grown to over 20,000 followers. Despite the hack, there is still considerable interest in BOG.
Users can see the full road map here for the BOG Team’s plans down the road. The team has ambitious goals to match the growing interest in the relaunch. The BOG Team has immediate plans to migrate over their token sniper for prioritization use of the BOG token as well as migrate stop-losses to use new BOG token for minimum holding.
The BOG Team has some medium-to-long term plans. They want to implement a ‘Pro Mode’ in July that will allow for integrated swap, limit orders, stop losses and also for better interfacing all-around. The team also plans on incorporating scheduler oracles, embeddable BogCharts, plus a cross-chain release on MATIC with their BOG bridge.
There will be additional token burns post-launch. As a part of a liquidity boost, LP tokens will be created by joining 221K BOG with 1530 BNB (about $459,000). These LPs will be staked and the resulting yield will be burned to reduce supply. Finally, for a whole fortnight following launch, 1530 BNB (about $459,000) will be used to buy back and burn BOG tokens, at a rate of ~109 BNB.
The BOG Team also confirmed they will perform additional third-party audits post-launch.
Facts of Attack
At around 2:30PM UTC last Saturday, 22nd of May, the old $BOG token fell victim to a flash loan attack. A hacker inflated the supply and dumped illegitimately minted tokens on the market. The hacker was able to exploit a flaw in the staking portion of its token contract while increasing the staking amount and repeatedly self-transfering the claims for an inflated staking profit.
According to the BOG Team Twitter the hack stole all but $500k of Liquidity, a near $3million haul. The attack was thwarted within 45 seconds and within 15 blocks of it starting to prevent a full drain of the liquidity pools. The attack resulted in the excess minting of over 15 Million $BOG tokens. Subsequently, the Bogged Finance (BOG) token price crashed 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 funds. Flash loans usually exploit a hole in code for an artificial manipulation of the price of a token.
What is BOG Finance?
BogTools has built the Bogged.Finance Platform, the next generation of infrastructure and utilities for Binance Smart Chain. The platform lets users research and place orders, limits and stop-losses, for any token on BSC.
Source : bsc.news
Founded in 2020, BSCNews is the leading media platform covering decentralized finance (DeFi) on the Binance Smart Chain (BSC). We cover a wide range of blockchain news revolving mainly around the DeFi sector of the crypto markets. BSCNews aims to inform, educate and share information with the global investment community through our website, social media, newsletters, podcasts, research, and live ask me anything (AMA). Our content reaches hundreds of thousands of global investors who are active in the BSC DeFi space.