A memecoin called Normie suffered 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 borrowing a large amount of cryptocurrency and using it to manipulate the market before repaying the loan within the same transaction.
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.
UPDATE:
Normie developers said that the attacker accepted the offer to return 90% of the stolen ETH and allowed him to keep 10% as a reward. ETH will be used to resolve this incident and help restart the project.
*This is not investment advice.