Expert Crypto News Editor Reveals: MEME Coin (MEME) Price Plummets by 99% After “Copycat” Allegations

  • The normie project, a base tabanlı memecoin initiative, experienced a 99% value decline following a security breach.
  • A malicious actor exploited the tax feature in normie’s smart contract to mint an excessive amount of tokens beyond the 1 billion supply. Subsequently, they exchanged the surplus tokens for Ethereum (ETH).
  • In a message, the attacker offered to return 90% of the acquired ETH and retain 10% as a bug bounty. They proposed using these funds, along with the 600 ETH in the developer wallet, to create a new token and compensate NORMIE holders for their losses.
  • Later, under the same name, a message was sent via the blockchain suggesting that normie was merely a “copy-paste” project that lacked thorough scrutiny before its launch.
  • Prior to the breach, NORMIE boasted a market capitalization exceeding $40 million, positioning it as one of the leading memecoins on Base.

A base tabanlı memecoin project, normie, suffered a devastating 99% loss in value after a security breach.

Implications of the Attack on normie Token

The breach not only inflicted severe financial damage on normie investors but also raised questions about the security vulnerabilities present in decentralized projects.

Lessons Learned for the Crypto Community

This incident emphasizes the critical need for rigorous auditing and security protocols in the development and deployment of blockchain-based projects.

Conclusion

Overall, the normie breach serves as a stark reminder of the risks involved in the crypto space and underscores the importance of robust security measures to safeguard investor assets.

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Jocelyn Blake
Jocelyn Blakehttps://en.coinotag.com/
Jocelyn Blake is a 29-year-old writer with a particular interest in NFTs (Non-Fungible Tokens). With a love for exploring the latest trends in the cryptocurrency space, Jocelyn provides valuable insights on the world of NFTs.
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