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The memecoin Normie, based on the Base chain, experienced a catastrophic exploit on May 26, 2024. The attacker utilized a loophole in the contract's tax mechanism to execute a flash loan attack, drastically increasing the token supply. This led to the token's value plummeting by over 99% within a minute, causing its market cap to drop from approximately $41 million to less than $200,000 and eventually around $35,000. In response, the Normie team is negotiating with the hacker, who has agreed to return 90% of the stolen funds if the team uses their 600 ETH dev wallet to launch a new token for the victims of the exploit. Investors are reminded of the risks in the DeFi space.
#CertiKInsight 🚨 On 26 May 2024, an attacker exploited a vulnerability in NORMIE, executing a flash loan attack that drastically increased the token supply. This resulted in a 99% drop in token value, crashing the market cap from ~$41M to ~$35k. https://t.co/YT8fyyKrce
NORMIE MEMECOIN TEAM NEGOTIATES WITH HACKER FOR RETURN OF 90% OF STOLEN FUNDS - The team behind Base memecoin Normie (NORMIE) is negotiating with its hacker to return 90% of stolen funds after a smart contract vulnerability led to a massive exploit. - NORMIE's token value… https://t.co/X7SzPcySwk https://t.co/BDu23WcUTp
NORMIE #memecoin negotiating with hacker for return of stolen funds 🥷➡️💸 Click below to find out more ⬇️⬇️⬇️ https://t.co/s7K7Sb5dAH https://t.co/P4bDeL6YlF
