The post Normie plummets 99.8% after exploit, Trump meme coin surges appeared on BitcoinEthereumNews.com.

Normie, a meme token on the BASE blockchain, saw its value crash. Meanwhile, a couple of meme coins riding on Ex-President Donald Trump’s fame helped the meme sector in terms of gains over the past 24 hours.  The alleged attack caused Normie’s value to plummet by an astonishing 99.80% to just $0.00008013. At the time of writing, the token was struggling to regain its footing and was still 95% below its pre-exploit price, trading at $0.001903. Normie 24-hour price chart | Source: CoinGecko The exploit led to Normie’s market value initially collapsing to less than $200,000, a significant fall from its previous high of $40 million. Since then, its market cap has risen slightly to about $1.5 million.  The attacker reportedly identified and exploited a flaw in Normie’s contract, specifically targeting a weakness in its tax mechanism. Using this loophole, they executed a flash loan attack, draining a substantial amount of the token’s value. On-chain analyst Golden Degen took to X to try and shed light on the Normie exploit, claiming it began when the attacker’s wallet was funded through the Secret Network.  How $NORMIE got exploited and went from $40m MC to $100k MC within 1 minute, who else is effected, and what the @NormieBase team can do to fix this situation: 1. The exploiter’s wallet was funded by secret network 2. The Normie contact had a premarket user map that bypasses… pic.twitter.com/SuTqTlJf4W — Golden Degen (@0xGoldenDegen) May 26, 2024 The vulnerability lay in the Normie smart contract. The flaw in the premarket user map bypassed checks within the swapAndLiquify function.  This loophole allowed tokens to be minted and sold without restriction. According to Golden Degen, the contract’s verification process only checked if the token balance matched that of the team wallet. If the balances matched, it permitted the…

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Filed under: News - @ May 26, 2024 3:24 pm