In a shocking turn of events, the cryptocurrency community witnessed a dramatic exploit that targeted the popular meme coin known as Normie ($NORMIE).
The token, which had been on a remarkable growth trajectory, saw its market capitalization wiped out from a staggering $40 million to a mere fraction of its value in minutes.
$NORMIE is a meme coin that was launched on the Base network, an Ethereum Layer 2 solution, to simplify entry into the crypto market for the average person
The coin quickly gained traction, supported by a vibrant community and the backing of crypto influencers. It reached a market cap of $93 million, reflecting significant growth since its inception.
The Base network, known for its reduced fees and efficient transactions, served as the perfect launchpad for $NORMIE, which apparently was one of the factors in the breach.
On May 26, 2024, the Normie token was hit by a devastating exploit. Attackers manipulated the token’s tax function within its smart contract, issuing more tokens than the intended supply and draining the liquidity pools.
This resulted in the token’s value plummeting by 99%, causing the market cap to crash from approximately $41 million to around $35k.
It was detected on X by @ProfoundWatcher, who notified crypto Twitter and the $NORMIE developers about the ongoing situation.
See also: Is The Introduction Of Memecoins on Fantom Important or Irrelevant? 2024
According to their tweet,
“This function essentially reads… If the recipient address is not already a premarket user, check if the amount they’re buying is the same amount that’s in the team wallet, and if it is, grant them permission as a premarket user.
So now all the exploiter has to do is buy the exact amount of tokens the dev wallet has “5 million” and everytime they buy, the amount of tokens they bought is also minted into the CA.”
The exploit was swiftly identified, and the Normie team engaged with the attacker, who proposed a deal to return 90% of the stolen funds on the condition that a new token would be launched to reimburse affected holders.
Since the exploit, NORMIE has asked all affected wallet holders to visit a new website, migrate, and claim compensatory refunds.
To check your eligibility and claim your refunds, visit https://t.co/wALZC6kqBX
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