Normie A memecoin called was subjected to a serious attack that caused its price to drop more than 99% in just one minute.
Surprisingly, the market value of the token in question dropped from 40 million dollars to approximately 170 thousand dollars.
Normie supply increased significantly after the attacker carried out a flash loan attack by exploiting a loophole in the tax mechanism in the token contract. This type of attack involves a large amount of cryptocurrency It involves borrowing money and using it in the same transaction to manipulate the market before repaying the loan.
The price of Normie, which was traded at $ 0.042 before the attack, is around $ 0.0001812, with a 99.54% drop at the time of writing this article.
However, the token in question was not listed on any major centralized exchange. It was traded only on Justin Sun’s cryptocurrency exchange HTX and decentralized exchanges. The token reached a staggering 24-hour volume of $41.3 million due to the hack.
Normie was operating on Base, Coinbase’s layer-2 solution.
*This is not investment advice.
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