Baby Doge Faces Significant Exploit, Raises Concerns

Vignesh Karunanidhi
Baby Doge Faces Significant Exploit, Raises Concerns
Source: Cointimes

Meme coins, including Dogecoin, Shiba Inu, and Baby Doge, have attracted interest from cryptocurrency investors. Dogecoin played a key role in initiating the meme coin movement, which was subsequently followed by others.

Baby Doge Coin gained considerable popularity during the bullish market of 2021. However, like other coins, including meme coins, it faced challenges in 2022. One of the common challenges is the vulnerability to hacks and exploits. Baby Doge has fallen victim to an exploit, according to recent information from PeckShield.

Baby Doge exploit causes around $100,000 in losses

As reported by crypto security firm PeckShield, an exploit occurred, resulting in a loss of around 442 Binance Coins (BNB), which is approximately equivalent to $100,000.

The transactions involved a complex sequence of transfers among several key players in the Binance Smart Chain (BSC) ecosystem, including Venus, Binance, PancakeSwap, and BabyDoge. While the total amount of BNB transferred was approximately 99,462.97 BNB, the specific loss incurred by BabyDoge was relatively smaller at 442 BNB, or $100,000.

Also read: Bitcoin Breaches $30,000, Surges By 11%

According to CoinMarketCap data, Baby Doge is trading at $0.000000001493 with a 4.29% gain in the last 24 hours. Additionally, there has been a 2258% spike in the 24 hour trading volume.