Value Plummets

A meme token called Normie, which runs on the BASE blockchain, recently experienced a huge drop in value due to a hack, or “exploit.” At the same time, a couple of other meme coins related to former President Donald Trump did well, helping the meme coin market.

The hack caused Normie’s price to fall by an incredible 99.80%, dropping it to just $0.00008013. Right now, the token is trying to recover but is still 95% lower than before the hack, currently trading at $0.001903.

The attack made Normie’s market value crash to less than $200,000, down from a high of $40 million. Since then, its market value has gone up a bit to about $1.5 million.

What Happened?

The hacker found a flaw in Normie’s smart contract, specifically in its tax system. Using this flaw, they carried out something called a flash loan attack, which let them steal a lot of the token’s value quickly. The flaw was in the way the contract verified token balances. The contract only checked if the balance matched the team wallet’s balance. The hacker made their token balance look like the team’s balance, allowing them to create and sell a large number of tokens. This increased the total supply of Normie tokens and caused the price to crash.

An analyst named Golden Degen explained on social media that the attack started when the hacker’s wallet got money from the Secret Network.

After the attack, the Normie team went on social media to address the situation. They assured token holders that they were working to fix the problem and warned people not to buy any Normie tokens being created by the hacker. Later, the team said that the hacker had contacted them and offered to return 90% of the stolen Ethereum (ETH), keeping 10% as a reward for finding the bug.

The hacker also gave a condition for returning the funds. They asked that over 600 ETH in the development wallet be used to launch a new token to repay Normie holders fairly.