Base memecoin Normie got exploited and its price plummeted b

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Base memecoin Normie got exploited and its price plummeted by more than 99% in one minute, with its market cap falling from $41.87m to as low as $34.86k. The attacker used a loophole in the contract's tax mechanism to conduct a flash loan attack.

Base memecoin Normie got exploited and its price plummeted by more than 99% in one minute, with its market cap falling from $41.87m to as low as $34.86k. The attacker used a loophole in the contract's tax mechanism to conduct a flash loan attack.

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💡💡💡 Binance, the largest shareholder of the South Korean cryptocurrency exchange GOPAX, sold the asset claims of GOPAX victims for less than half their face value. Initially, Binance had promised 100% compensation for the losses (70bn KRW) incurred by the suspension of GOPAX's GOFi service. Instead, Binance acquired Gopax shares at a significantly discounted price and became their largest shareholder. However, it has been revealed that Binance did not compensate the victims with its own funds but by selling the victims' asset claims at a low price. This move was essentially a "robbing Peter to pay Paul" strategy. After Binance sold the victims' asset claims, the prices of crypto assets soared, increasing the amount of damages. GOFI’s debt is estimated to amount to approximately 100bn KRW as of today, excluding existing repayments.

The Normie team accepted the exploiter’s offer to return 90% of the exploited ETH and allowed the hacker to keep 10% as a reward. The team also agreed to use the 600 ETH from the Normie dev wallet to fairly launch a new token that is used to reimburse NORMIE holders.

Former CEO of Heartland Tri-State Bank, Shan Hanes, pleaded guilty to embezzling $47.1m for personal cryptocurrency purchases, leading to the bank’s collapse in 2023. He faces up to 30 years in prison.

The price of Ethereum is largely remaining flat following the historic approval of Ethereum ETF. Ethereum hit $3,856 within minutes of the confirmed approval then dipped down. It is up a little more than 1% on the day, but over the past seven days, it soared a massive 30%. Ethereum reached an all-time high of $4,878 in November 2021.

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