On June 10, the Normie memecoin project, built on Coinbase’s native blockchain Base, found itself in hot water after an offensive promotional video was posted on its official X account. The video featured a blue-skinned cartoon chef with exaggerated full lips dancing, which sparked a wave of criticism within the cryptocurrency community.

In response to the backlash, Normie removed the video and issued an apology, claiming that the intern responsible for the post had been fired. The intended message of the video, according to Normie, was to inspire viewers by suggesting that there is always a way out of difficult situations and that positive change begins from within. However, the execution of this message was poorly received and deemed insensitive.

Following the incident, Normie issued a public apology on their X account, expressing regret for the offense caused by the video. They acknowledged that the content unintentionally touched on a sensitive issue and took responsibility for the mistake.

The apology, however, was met with skepticism from the community. One user questioned the decision to place the blame on the intern, suggesting that the responsibility should also lie with the team members who were supposed to oversee the intern's work. This criticism highlighted potential shortcomings in the project's internal review processes.

In a related development, the price of the NORMIE memecoin experienced a dramatic decline following a flash loan attack on the Base blockchain. At its peak on April 2, NORMIE had reached a market cap of $130 million. However, on May 26 at 3:55 am UTC, the price plummeted by over 99% within three hours due to the exploit.

The flash loan attack exploited a vulnerability in Normie’s contract tax mechanism. The attacker borrowed a significant amount of cryptocurrency without collateral, manipulated the token supply, and repaid the loan within the same transaction, effectively draining funds from the project.

In the aftermath of the attack, the Normie team announced that the hacker had contacted them and agreed to return 90% of the stolen funds. The team accepted the hacker’s terms, allowing the attacker to keep 10% of the exploited funds without facing any reprisals.

To compensate NORMIE holders for their losses, the Normie team used the returned assets along with $2.3 million from their development wallet to launch a new token. This effort was aimed at mitigating the impact of the exploit on their community.

Despite these measures, the price of NORMIE remains down by 96% since the attack. The events surrounding the controversial video and the flash loan attack have undoubtedly shaken confidence in the project. Normie’s journey highlights the challenges that memecoin projects can face in maintaining community trust and security in a volatile market.

The series of events have prompted discussions about the importance of internal controls and security measures in the cryptocurrency space. The community’s reaction underscores the need for transparency and accountability from project teams, especially when dealing with sensitive content and managing investor funds.

The Normie project’s experience serves as a cautionary tale for other memecoin projects, emphasizing the importance of rigorous review processes and robust security protocols to prevent similar incidents. As the cryptocurrency market continues to evolve, projects must navigate the delicate balance between creative marketing and responsible management to sustain long-term success.

In conclusion, Normie’s recent controversies have significantly impacted its market standing and community perception. The offensive video and subsequent flash loan attack have underscored the need for better oversight and security within the project. Moving forward, Normie will need to rebuild trust with its community and implement stronger measures to safeguard against future vulnerabilities. The incident serves as a reminder of the importance of maintaining high standards of integrity and security in the rapidly changing world of cryptocurrency.