Base ecosystem meme coin NORMIE suffered a flash loan attack, and 500 ETH in the deployed wallet will be used for compensation

ChainCatcher news, according to CoinGecko market information, the Base ecosystem Meme coin NORMIE experienced a short-term price drop of 87.6% due to a flash loan attack.

Researcher @onchainfudder analyzed that the attacker exploited the remaining 0.63% of the token supply in the contract, repeatedly buying and selling after disabling the tax, triggering the contract to automatically dump tokens exceeding 1% when the tax reached 1%. The entire attack was completed in a single transaction, resulting in a large amount of tokens being sold off. Subsequently, the attacker bought a large quantity at a price of 0 within the same block, gaining huge profits. It is worth noting that the project team also gained considerable revenue from the tax dump, having enough funds to buy back tokens.

Currently, the NORMIE team stated that there are over 500 ETH in their deployment wallet, which will be used to address this issue. The team is actively contacting key partners to seek solutions and urges users not to purchase NORMIE tokens until further confirmation is received. The NORMIE team mentioned that they are still deciding whether to restart or fork the project and will provide more updates as soon as possible.