The crypto world is no stranger to wild price swings, rug pulls, and unexpected exploits. Normie (NORMIE), a meme coin based on the Base chain, recently found itself at the center of such a storm. In this article, we’ll delve into the events surrounding Normie’s flash loan attack, the aftermath, and the lessons we can learn from this rollercoaster ride.
The Exploit
On May 27, 2024, Normie faced a flash loan attack that shook its foundations. The attacker exploited a vulnerability in the smart contract, resulting in a staggering 99% price drop. Before the attack, NORMIE was riding high with a market cap of over $40 million and a substantial community of nearly 90,000 token holders. But in a matter of hours, it all came crashing down to a mere $700.
The attack targeted a specific tax function within Normie’s contract. By minting extra tokens beyond the intended 1 billion supply, the attacker manipulated the token’s total supply. These ill-gotten tokens were then swiftly traded for ether, leaving Normie holders in shock.
In a surprising turn of events, the attacker reached out to Normie’s developers via an on-chain message. The proposal was simple: return 90% of the stolen ETH, and the attacker would allow Normie to relaunch. The remaining 10% would serve as a bug bounty. The developers accepted the deal, and discussions are ongoing about the project’s future.
Reead more: Base's Meme Coin “Normie” Market Cap Plummets 99% After Exploit
Code Review and Reflection
The attacker didn’t mince words. They criticized Normie’s contract code as a “copy-paste” job, highlighting its lack of thorough review. Similar code snippets existed in other token contracts, some predating Normie. This incident underscores the importance of robust code audits and security practices in the crypto space.
Redemption?
Normie now stands at a crossroads. Will it rise from the ashes, armed with better security measures and a renewed commitment to its community? Or will it fade into obscurity, another cautionary tale for crypto enthusiasts?
Read more: Behind the Meme: Exploring the Rise of $NORMIE in Crypto
Conclusion
Normie’s saga serves as a stark reminder: even in the world of memes and moonshots, due diligence matters. As investors, we must tread carefully, scrutinize projects, and demand transparency. Normie’s journey—from meteoric rise to devastating fall—holds lessons for us all.
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