$BTC #SHIB Meme Coin base ecosystem NORMIE plummets due to Flash Loan attack
According to BlockBeats, on May 26, Meme Coin Base Ecosystem NORMIE experienced a massive 87.6% price drop due to a flash lending attack, as CoinGecko market data shows. The attacker exploited the remaining 0.63% of the contract's token supply, continuously buying and selling after disabling the tax, causing the contract to automatically sell tokens in excess of 1% when the tax reached 1%. The entire attack was completed in a single transaction, resulting in a large number of tokens being dumped.
The attacker then bought a large amount of tokens at zero price in the same block, making a significant profit. Notably, the project also benefits significantly from tax reduction, having enough money to buy back tokens.
