PANews reported on May 26 that according to community user feedback, the price of NORMIE, the Meme coin of the Base ecosystem, plummeted by 87.3% due to a flash loan attack and is now reported at $0.005. The attacker took advantage of the design flaws of the NORMIE token cross-chain bridge and manipulated the price on the Base Chain through flash loans. Since NORMIE's transactions on the Base Chain will be taxed, the tax will automatically go to the wallet controlled by the project party. The attacker injected a large amount of funds into the wallet through flash loans, thereby significantly diluting the token supply and causing the price to crash. Some users said that NORMIE has a vulnerability that allows attackers to mint new tokens. The total supply has now reached 214% of the theoretical maximum supply.
Currently, the NORMIE team said that there are more than 500 ETH in its deployment wallet, which will be used to solve this problem. The team is actively contacting key partners to seek solutions and calls on users not to buy NORMIE tokens before further confirmation. The NORMIE team said that they are still deciding whether to restart or fork the project and will provide more updates as soon as possible.
