Base Ecosystem Meme Coin NORMIE suffered a flash loan attack and plummeted 87.6%

BlockBeats news, on May 26, according to CoinGecko market information, the Base ecosystem Meme coin NORMIE suffered a flash loan attack, and its price plummeted by 87.6% in a short period of time.

Researcher @onchainfudder analyzed that the attacker used the remaining 0.63% of the token supply in the contract to repeatedly buy and sell after turning off taxes and fees, triggering the contract to automatically dump more than 1% of the tokens when the taxes and fees reached 1%. The entire attack was completed in one transaction, resulting in a large number of tokens being sold. The attacker then bought a large number of tokens at a price of 0 in the same block, making huge profits. It is worth noting that the project party also gained considerable benefits from the tax dump and had enough funds to repurchase tokens.