Base Memecoin Normie Loses $40 Million in Market Cap After Exploit

NORMIE, a memecoin on the Ethereum layer 2 network Base, lost about $40 million in market cap after an exploiter used a flaw in its smart contract to mint extra tokens. Pseudonymous developer "@ProfoundWatcher" said the code allowing this has no reason to be in the contract and that the attack was "almost certain" to involve someone connected to the team or the contract's writer, unless the contract was a fork of another project. The exploiter's address offered to return 90% of the exploited funds, and the Normie team on X accepted, though its account was then suspended.