Exploit Causes Normie Meme Coin Market Cap to Collapse by 99%
Crypto News– Normie, a meme coin on Ethereum’s Layer 2 network Base, suffered a severe exploit, causing its token value to drop by 99%.
The project’s team confirmed the breach and has agreed to the attacker’s proposal to return the stolen assets.
Market Cap of Normie Takes a Nosedive
An attacker exploited a vulnerability in Normie’s contract tax mechanism by conducting a flash loan attack that drastically increased the meme coin’s token supply. This exploit caused the token’s value to plummet by 99%, dropping the market cap from approximately $41 million to around $1.3 million.
Memecoin Normie was attacked, and its price plummeted by more than 99% in one minute, with its market value falling from $40 million to less than $200k. The supply of Normie has been significantly increased, and the attacker used a loophole in the contract's tax mechanism to…
— Wu Blockchain (@WuBlockchain) May 26, 2024
Lookonchain highlighted the severe impact on traders, noting that a trader’s $1.16 million investment in NORMIE is now worth less than $150. Similarly, many other token holders shared their significant losses on the project’s official Telegram channel.
Meanwhile, the crypto exchange LBank reported a surge in Normie token deposits, indicating a potential link to the exploit.
We’ve noticed a large number of unusual NORMIE token deposits, possibly linked to an exploit. We urge the project team to contact us with details about the addresses involved and potential solutions.
LBank
Interestingly, the attacker has offered to return 90% of the stolen assets if the project launches a new token to compensate affected holders.
FAQs
What happened to the Normie meme coin’s market cap?
Normie meme coin’s market cap shrank by 99% due to an exploit.
What caused the Normie meme coin’s market cap to shrink by 99%?
The drastic shrinkage was caused by an attacker exploiting a vulnerability in Normie’s contract tax mechanism, leading to a flash loan attack that significantly increased the token supply.
What was the market cap of Normie before and after the exploit?
Before the exploit, Normie’s market cap was approximately $41 million. After the exploit, it dropped to around $1.3 million.
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