Base Chain’s Meme coin $NORMIE experienced a flash loan attack this morning, causing its price to plummet over 99% within a minute. Its market value dropped from $40 million to $160,000 at the time of writing.
Earlier today, the Meme coin $NORMIE in the Base ecosystem was subjected to a flash loan attack, resulting in a price crash of over 99% within a minute. The market value plummeted from $40 million to $160,000 at the time of this report. The attacker took advantage of the flaws in the design of the NORMIE token’s cross-chain bridge and tax mechanism, successfully manipulating the price on the Base Chain. This attack led to a significant increase in the token’s supply, directly causing the price to collapse.
Overnight, market capitalization evaporated by over 99% | Source: DEXscreener
Blockchain investigator ZachXBT: Hackers supported by funding
Regarding this hacking incident, blockchain investigator ZachXBT also stated that the initial funding for the $NORMIE attacker came from the privacy protocol Secret Network. This indicates that the attacker possesses sufficient funding and technical capabilities to execute this flash loan attack accurately.
Source: X
This afternoon, the Normie project team has issued an emergency response. According to their official statement, the deploying wallet currently holds over 500 ETH, which will be entirely used to remedy this incident. In the public statement, the Normie team mentioned:
The Normie team is still evaluating whether a relaunch or fork is necessary. They emphasize that hasty decisions will not be made and are actively contacting key partners to resolve this issue as soon as possible. The team also reminds users not to purchase Normie tokens until the problem is resolved.
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