$NORMIE Memecoin Plummets Over 99% from $41.87M to $34.86K Due to Exploit

May 26, 2024, 05:38 AM

The memecoin $NORMIE, based on the Base chain, experienced a catastrophic exploit that caused its market cap to plummet from $41.87 million to as low as $34.86K. The exploit took advantage of a loophole in the contract's tax mechanism, allowing the attacker to significantly increase the supply of $NORMIE tokens. This resulted in a price drop of over 99% within minutes, from $40 million to less than $200K. The exploit was similar to a previous incident involving the HarryPotterObama coin. The vulnerability was due to the swapAndLiquify function, which bypassed checks and allowed unlimited token minting by premarket users. The incident has led to widespread caution and losses among investors.