Normie Coin Suffers Major Exploit, Price Slumps 99%
The post Normie Coin Suffers Major Exploit, Price Slumps 99% appeared on BitcoinEthereumNews.com. Normie Coin, a popular meme coin on BASE, has suffered a major exploit that has caused a staggering loss in value. The price has tumbled by 99%, leaving its community rattled. The exploit, discovered and discussed on X by Profound Watcher, highlighted vulnerabilities to the token’s smart contract. Normie Coin Exploited The attack led to the meme coin’s value falling off a cliff, losing 99.80% of its value. The suddenness of the drop in value has raised eyebrows in some corners of the market. According to the available information, the exploiters used a flash loan attack to manipulate the token pool, allowing them to borrow a large sum of crypto without providing any collateral, provided the loan is repaid within the same transaction. These types of loans are used for arbitrage opportunities but are, more often than not, used for malicious purposes. In the case of the Normie token, the market cap of the token plummeted from $40 million to $200,000. The hack was also picked up by WuBlockchain, who stated on X, “Memecoin Normie was attacked, causing its price to drop by over 99% in a minute, reducing its market value from 40 million dollars to below 200 thousand dollars. The supply of Normie was significantly increased, and the attacker used a loophole in the contract’s tax mechanism to execute a flash loan attack.” Details Of The Hack The attacker first bought 5 million NORMIE tokens, enabling them to access the permissions needed for the exploit. This is because purchasing a specific amount of tokens allows the purchaser, in this case, the attacker, to access a set of permissions reserved for pre-market users. After this, the attacker initiated a flash loan attack, continually filling the contract address with tokens and draining liquidity. This left the pool at zero value,…
The post Normie Coin Suffers Major Exploit, Price Slumps 99% appeared on BitcoinEthereumNews.com.
Normie Coin, a popular meme coin on BASE, has suffered a major exploit that has caused a staggering loss in value. The price has tumbled by 99%, leaving its community rattled. The exploit, discovered and discussed on X by Profound Watcher, highlighted vulnerabilities to the token’s smart contract. Normie Coin Exploited The attack led to the meme coin’s value falling off a cliff, losing 99.80% of its value. The suddenness of the drop in value has raised eyebrows in some corners of the market. According to the available information, the exploiters used a flash loan attack to manipulate the token pool, allowing them to borrow a large sum of crypto without providing any collateral, provided the loan is repaid within the same transaction. These types of loans are used for arbitrage opportunities but are, more often than not, used for malicious purposes. In the case of the Normie token, the market cap of the token plummeted from $40 million to $200,000. The hack was also picked up by WuBlockchain, who stated on X, “Memecoin Normie was attacked, causing its price to drop by over 99% in a minute, reducing its market value from 40 million dollars to below 200 thousand dollars. The supply of Normie was significantly increased, and the attacker used a loophole in the contract’s tax mechanism to execute a flash loan attack.” Details Of The Hack The attacker first bought 5 million NORMIE tokens, enabling them to access the permissions needed for the exploit. This is because purchasing a specific amount of tokens allows the purchaser, in this case, the attacker, to access a set of permissions reserved for pre-market users. After this, the attacker initiated a flash loan attack, continually filling the contract address with tokens and draining liquidity. This left the pool at zero value,…
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