Popular meme cryptocurrency BabyDoge suffered a major exploit resulting in a loss of approximately 442 Binance Coins (BNB), equivalent to $100,000. The incident was flagged by crypto security firm PeckShield earlier today.
The transactions, per the details shared by PeckShield, reveal an intricate chain of transfers involving various key BSC players, including Venus, Binance, PancakeSwap and BabyDoge itself.
The total amount of BNB transferred totaled approximately 99,462.97 BNB, though the overall loss suffered by BabyDoge was pegged at a more modest 442 BNB, or $100,000.
It appears that the exploit involved a sequence of transactions that moved funds from the Venus token, vBNB, to the Binance Wrapped BNB token, or WBNB, and then onto PancakeSwap, one of the leading decentralized exchanges on the Binance Smart Chain. PancakeSwap's Router v2 was employed to interact with BabyDoge, ultimately resulting in the extraction of the aforementioned 442 BNB.Baby Doge Coin, commonly referred to as BabyDoge, is a cryptocurrency token created in June 2021. It is a meme-based digital currency, similar to Dogecoin, that has been gaining popularity since its creation.
BabyDoge operates on the Binance Smart Chain, a blockchain network built for running smart contract-based applications. The use of the Binance Smart Chain allows for cheaper and faster transactions compared to those on the Ethereum network.
As reported by U.Today, the meme coin recently scored a listing on yet another exchange, but it remains outside of the top 100 cryptocurrencies by market cap.