Cryptocurrency

Meme coin NORMIE Exploit Turns $1.1 Million Investment to Less Than $150 – Crypto News

Published

10 months ago

May 27, 2024

Dripp

While the broader meme coin sector has witnessed strong gains this month, there was a major exploit in the meme coin NORMIE which led it to lose more than 99% of its value in a single day. Amid this flash loan exploit, the market cap of this meme coin plummeted all the way from $182M to $110k within minutes.

NORMIE Trader Loses More Than $1 Million

According to on-chain data provider Lookonchain, a trader’s investment in $NORMIE has dramatically plummeted. The trader spent $1.16 million to acquire 11.23 million $NORMIE tokens at a rate of $0.1035 each between March 25 and April 9. However, following an exploitation of $NORMIE, these holdings are now valued at less than $150. The trader has held the tokens without selling them since the purchase.

Since $NORMIE was exploited, the 11.23M $NORMIE that this trader spent $1.16M to buy is now worth less than $150.

He spent $1.16M to buy 11.23M $NORMIE at $0.1035 from Mar 25 to Apr 9 and has held it until now without selling it.https://t.co/za6YaldkoZ pic.twitter.com/6lJRJsU2mq

— Lookonchain (@lookonchain) May 26, 2024

Team Negotiates With the Hacker

The team behind Base memecoin Normie (NORMIE) is negotiating with a hacker to recover 90% of the funds stolen due to a smart contract vulnerability, which led to a $41.7 million drop in the token’s market cap within three hours.

Normie has reportedly agreed to the hacker’s offer to return 90% of the stolen NORMIE tokens. Despite the token’s price already falling 96% since the exploit, the agreement stipulates that Normie will use the returned funds and $2.3 million from the team’s development wallet to launch a new token to compensate NORMIE holders. Additionally, the hacker requested no reprisals in another on-chain message.

The Normie team said: “We will have to re-launch, yes. That will come after we get our main twitter account back and after we get the funds from the exploiter”.

The hacker reaffirmed their stringent conditions, insisting that a token relaunch must take place before returning the funds.

Meme coin NORMIE came into existence earlier this year in March 2024. The creators of the blockchain scam detection tool Quick Intel assert that approximately 72,000 NORMIE holders were affected by the smart contract vulnerability, which was first identified in March.

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