Flash Loan Attack Crashes Normie Memecoin � Cryptomode

Cryptomode_202427 May, 2024Business

A flash loan attack destroyed the meme cryptocurrency ?Normie,? causing an unprecedented decline in its market value from a startling $40 million to a bare fraction, at less than $200,000. A flash loan attack results from someone borrowing a large sum of cryptocurrencies without offering collateral. Usually resulting in significant gains, this borrowed amount is used to control prices or take advantage of system weaknesses before fast loan repayment in a single transaction. Using blockchain transactions? instantaneous character, the entire procedure takes just seconds.