You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/hackers-attack-normie-coin-and-cause-massive-price-drop/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Hackers Attack Normie Coin and Cause Massive Price Drop</a> 
<a href="https://en.coin-turk.com/bitcoins-surge-encounters-profit-taking-wave/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> fiyatı sabit kalsa da altcoinlere hareketlilik devam ediyor. Kısa süre önce kötü bir şey oldu. Son zamanlarda gündem olmaya başlayan bir meme coin yatırımcılarını yüzde 9’e zarara soktu. Saldırının ardından doğan kayıp milyon dolarla ifade ediliyor. İşte detaylar.
<h2 style="text-align: justify" id="normie-coin-hacked">Normie Coin Hacked</h2>
Memecoin Normie was attacked and its price dropped by more than 99% in one minute. These types of attacks are common, so it’s not surprising for <a href="https://finance.coin-turk.com/" data-wpel-link="exclude" rel="noopener noreferrer nofollow">investors</a>. Typically, attackers inflate the supply and sell the newly minted tokens, draining all liquidity pools and causing the price to plummet.
This was the case for Normie as well. A flash loan attack caused its market value to plummet from $40 million to $200,000. WuBlockchain announced the bad <a href="https://newslinker.co" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">news</a> as follows:
<blockquote>
 “Memecoin Normie was attacked, and its price dropped by more than 99% in one minute, causing its market value to fall from $40 million to below $200,000. Normie’s supply was significantly increased, and the attacker used a loophole in the contract’s tax mechanism to carry out the flash loan attack.”
</blockquote>
<img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-355831 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/05/NORMIE-Hack.png" alt="" width="1240" height="477">
The price, which was hovering around $0.05, suddenly added several zeros, shocking investors. Those with tens of thousands of dollars in investments were left with only a few dollars.
<h2 style="text-align: justify" id="meme-coins-and-risk">Meme Coins and Risk</h2>
Code auditing is extremely important in cryptocurrencies, but it is often overlooked in meme coins. Teams unwilling to bear the thousands of dollars in auditing costs fail to detect such smart contract vulnerabilities, leading to millions of dollars in losses. This is especially common in meme coins due to their rapid circulation. New meme coins enter circulation daily, and unfortunately, most are merely adaptations of smart contracts from other projects.
Thus, the developers may not have full technical proficiency. Investors need to be aware of these risks and understand that similar issues can repeatedly occur with meme coins. By paying attention to audited and certified smart contracts, you can reduce (though not completely eliminate) the risk of waking up to a 99% loss.
Bitcoin is at $69,000, and altcoins are generally continuing the day in the green.
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/hackers-attack-normie-coin-and-cause-massive-price-drop/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Hackers Attack Normie Coin and Cause Massive Price Drop</a></h5>

Hackers Attack Normie Coin and Cause Massive Price Drop

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