This article was written for the BSC Times, a one stop shop for everything you need to stay updated in the BSC space.
After suffering from an exploit that saw 15m BOG minted in seconds and $3m in liquidity drained, the BOG team have been working round the clock to fix the issue and find a suitable compromise that will help regain the trust of its hodlers while keeping new users happy.
Despite initial promises of having a solution ready in 24–48 hours, the BOG team are only ready to deploy a fix a full week after the exploit. This however, is looked upon favorably by most as it highlights how the BOG team is taking security far more seriously and ensuring history does not repeat itself.
Having previously covered the BOG hack here, this article will instead focus on the details of the solution that the BOG team have come up with and what you need to do before the airdrop.
New BOG contract
As I touched on in the previous article, the BOG team could not afford to let things continue with 15m “illegitimate” BOG in circulation. This was made doubly difficult as regular, innocent farmers who staked the BOG LP token also had varying amounts of these illegitimate BOG appear in their wallet as a result of the exploit.
Therefore, the first order of business was to remove the validity of these BOG tokens by launching a new BOG token and contract. For the sake of this article, I’ll refer to the new BOG token being launched as BOGV2. Any existing BOG tokens are now worthless and if you still hold any, feel free to sell them off as they no longer serve any purpose.
Airdrop BOGV2 and LP tokens
Once the contract is launched, the new BOGV2 will be airdropped to anyone who held BOG in their wallet at the time of the snapshot. This distribution will be 1:1, meaning that you should receive the same amount of BOGV2 as BOG tokens you held during the snapshot.
Unfortunately for the older investors, this means that the dollar value of their holdings will be severely diluted, as new investors who bought post exploit but pre snapshot managed to purchase BOG for fractions of what an original investor would have paid. The current projection released by the BOG team estimates that older investors will lose 3x–3.5x of their holdings.