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NORMIE Exploit Reduces $1.1 Million Investment to Below $150
Reportedly, the exploit has cost a trader over $1.1 million, while the NORMIE team has been in negotiations with the exploiter to recover the stolen funds.
The NORMIE meme coin experienced a significant depreciation of over 99% in value in a single day, as opposed to the substantial gains observed in the broader meme coin sector this month.
Within minutes, the market cap of this meme coin plummeted from $182 million to $110,000 due to this flash loan exploit.
NORMIE Trader Loses Over $1 Million
Lookonchain, an on-chain data provider, reports that a trader's investment in $NORMIE has dropped drastically.Â
Between Mar 25 and Apr 9, the trader acquired 11.23 million $NORMIE tokens at $0.1035 each for $1.16 million.
However, due to the exploitation of $NORMIE, the current value of these holdings is below $150.
The trader has retained 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
Based on a smart contract vulnerability that caused a $41.7 million decline in the token's market capitalization within three hours, the team behind the Base memecoin Normie (NORMIE) is negotiating with a hacker to recover 90% of the stolen funds.
According to reports, Normie accepted the hacker's proposition to reimburse 90% of the stolen NORMIE tokens.
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 despite the token's price having fallen 96% since the exploit.
Additionally, in another on-chain message, the perpetrator requested that there be no retaliation.
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 reinforced their rigorous demands, insisting on a token relaunch before repaying the cash.
Meanwhile, March 2024 marked the inception of the meme coin NORMIE earlier this year.
According to the Quick Intel utility developers for detecting blockchain-based scams, around 72,000 NORMIE holders were impacted by the smart contract flaw initially discovered in March.