Normie Coin Suffers Major Exploit, Price Slumps 99%

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As a seasoned crypto investor, I’ve seen my fair share of market volatility and project exploits. The recent Normie Coin exploit is a painful reminder of the risks that come with investing in meme coins.

Normie Coin, a widely-used meme token on the BASE platform, experienced a significant hack leading to a drastic decrease in value. The price plummeted by an alarming 99%, leaving the coin’s community feeling shaken.

Profound Watcher brought to light an exploit on X, revealing weaknesses in the token’s smart contract.

Normie Coin Exploited 

As a researcher studying the cryptocurrency market, I’ve come across an intriguing turn of events concerning a particular meme coin. This incident resulted in a catastrophic drop of almost 100% in the coin’s value, leaving many investors dismayed. The abruptness of this price plunge has sparked suspicion and raised eyebrows within the market community.

In just over a minute, the value of Memecoin Normie took a drastic hit as its price plummeted by over 99%, slashing its market worth from a substantial $40 million down to a paltry $200,000. The attack on this coin led to an influx in supply, and the cunning assailant exploited a vulnerability in the contract’s tax system to carry out a flash loan assault.

Details Of The Hack 

As an analyst, I’d rephrase it as follows: I first acquired 5 million NORMIE tokens in a pre-market purchase, which granted me access to certain permissions for executing the exploit. Subsequently, I carried out a flash loan attack, where I repeatedly filled the contract address with tokens and drained its liquidity. This maneuver left the pool empty and worthless, enabling me to acquire more tokens at no cost during the market dip, which I then resold to unsuspecting buyers.

After the exploit was discovered, the value of the meme coin plummeted significantly, causing a massive reduction in its total market worth.

The Risks Of Meme Coins 

Meme coin creators and their teams frequently overlook a crucial element: conducting thorough code reviews. The makers of meme coins are frequently reluctant to allocate resources towards auditing, resulting in undetected vulnerabilities in smart contracts that can cost millions if exploited. New meme coins joining the market frequently adopt smart contracts borrowed from other projects. Consequently, developers often lack the necessary expertise when dealing with these contracts.

It’s important for investors to exercise caution regarding the risks associated with meme coins, as unexpected risks can still materialize in this market. On the other hand, developers and the teams behind meme coins need to prioritize the thorough auditing of smart contracts to minimize the likelihood of exploits and related risks.

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2024-05-27 11:11