Memecoin Price Drops 99 Percent After “Copy” Allegation
Normie (NORMIE), one of the base-based memecoin projects, lost 99 percent of its value after being hacked.
Using the tax feature in the smart contract used by Normie, an attacker found a way to produce an amount of tokens that would exceed the supply of 1 billion. He then traded his excess tokens for Ethereum (ETH).
The attacker said, “I propose to refund 90% of the ETH received and keep 10% as a bug bounty. I have only one condition: These and the 600 ETH in the developer wallet will be used to issue a new token and cover the losses of NORMIE owners,” he left a message.
The same name later sent another message on the blockchain, saying that Normie was a "copy and paste" project and implied that the project was not adequately audited before being released.
With a market cap of more than $40 million before it was hacked, NORMIE was one of the largest memecoins on Base.