The value of the Normie (NORMIE) token plummeted by 99% in just three hours after falling victim to a smart contract exploit. This exploit led to a significant drop in Normie’s market cap, bringing it down from $42 million to a mere $200,000. Following the exploit, the developers of the Base meme coin are currently engaged in discussions with the individual responsible for the incident in an attempt to recover 90% of the stolen funds.
Blockchain analytics firm Lookonchain was quick to detect the exploit and the hacker’s subsequent offer to return a portion of the stolen NORMIE tokens. The hacker proposed giving back 90% of the tokens, while keeping 10% as a bug bounty, with no consequences. Additionally, the hacker demanded that the stolen funds, alongside 600 ETH (equivalent to approximately $3,900) from the team’s development wallet, be utilized to launch a new token to compensate NORMIE token holders.
Normie’s team, communicating through a newly established account after the suspension of their main one, acknowledged the necessity for a token relaunch but indicated that it would occur once the team regains access to their primary Twitter account and recovers the funds from the exploiter. Unfortunately, the temporary account they used was also suspended shortly thereafter.
Meanwhile, the hacker remained firm in their stance, insisting that a token relaunch must precede the return of the stolen funds. They expressed concerns about the appropriate utilization of the funds in the team’s dev wallet, claiming that they had no other means to ensure the funds’ proper use.
Impact on Investors
Quick Intel, a tool for detecting blockchain scams, reported that the exploit had an impact on 72,000 NORMIE token holders. Additionally, Lookonchain disclosed that an anonymous trader who had initially invested $1.16 million to acquire 11.23 million NORMIE tokens at the cryptocurrency’s peak is now facing a significant loss. The trader’s initial investment of $1.16 million, held without selling until now, has reduced to less than $150.
According to data from CoinGecko, NORMIE experienced a rapid decline in price following the attack, with a drop of over 92% within the first hour and further plummeting by 99.5% after two and a half hours. The cryptocurrency hit an all-time low of $0.00022, indicating a staggering 98.2% decrease from its peak.
Despite the drastic fall, Normie has displayed signs of recovery in recent times. As of the current writing, its market cap stands at $1,043,837, with a price of $0.001053. This represents a notable 57% increase over the last 24 hours.
NORMIE was introduced during the meme coin craze on Base in March 2024 and achieved a peak market cap of $130 million on April 2, according to data from CoinGecko. The journey of the Normie token, from its exploit to recovery and potential growth, serves as a reminder of the volatility and risks associated with the cryptocurrency market. Investors and developers alike must remain vigilant and proactive in addressing security vulnerabilities to safeguard assets and uphold trust within the community.
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