Dogecoin just witnessed a shooting attack as a hacker shut down 69% of the memecoin protocol’s network nodes
The cryptocurrency space has its good, bad, and ugly. The good refers to gains and profit-taking when assets go bullish, while the bad involves many issues, including losses and malicious actors online. These malicious actors, also known as hackers, have caused massive losses of funds by exploiting flaws in the crypto space.
Dogecoin Developer’s Demonstration Exposes Network Weaknesses
Dogecoin (DOGE), the leading memecoin, has recorded such attacks on its network nodes that have shut down 69% of its operations. The attack proved successful due to a flaw in the network. Notably, the hacker exploited this vulnerability to crash the network nodes.
Interestingly, co-founder of Bitcoin sidechain Sequentia, Andreas Kohl, carried out the “hack attack.”
Kohl used it to demonstrate the gaping flaws and exposure of the Dogecoin ecosystem, so it did not result in a loss of users’ funds.
Kohl says he embarked on the demonstration after Tobias Ruck, a developer, discovered the vulnerability and handled it responsibly. Kohl used a laptop to test the flaw and crashed Dogecoin’s active nodes.
I was the developer who originally discovered the vulnerability.@roqqitdev and I responsibly handled this, which is why “only” 69% of the network was affected.
If it would’ve been exploited by a malicious actor, it could’ve brought down the network, with no blocks or… https://t.co/QEZC9vnOjs— Tobias Ruck (@TobiasRuck) December 12, 2024
Before the attack, Dogecoin had 647 active nodes. However, after launching the “hack,” most nodes became inactive, leaving only 205 functional. A swift recovery effort could only restore functionality to 315 and keep the network operating at reduced capacity.
An X account devoted to Dogecoin updates called the vulnerability “DogeReaper.” The flaw allowed anyone with a laptop and internet access to target specific Dogecoin nodes and crash them. The account warned that such vulnerability could potentially crash the entire Dogecoin network.
Cybersecurity Experts Call for Vigilance
Cyber security experts say if a malicious actor was behind the attack, such a hacker could bring block production and transactions to a grinding halt. Some believe such a hack could cripple the memecoin for days with a devastating financial impact on users and the asset.
Notably, such a development could plunge the price of DOGE to near zero. As of this writing, DOGE is exchanging at $0.4174. It occupies the seventh position in market capitalization, with a value of over $61 billion. Hence, a malicious actor crumbling the network would devastate the ecosystem.
Experts have cautioned Dogecoin and other blockchains to ramp up their security practices. They urged developers to continually monitor for flaws and fix them to prevent fund loss. BGECrypto reported that in 2024 alone, malicious actors stole over $2 billion despite fewer hacks.
The report highlighted the sophistication and consequences of these attacks in the crypto space and emphasized the need for vigilance by all stakeholders.
Disclaimer: The information provided in this article is for informational purposes only. It does not constitute investment, financial, trading, or any other sort of advice. You should not treat any of BGECrypto’s content as such. BGEcrypto does not recommend that any cryptocurrency should be bought, sold, or held by you. Do your due diligence and consult your financial advisor before making any investment decisions.
