{"id":79566,"date":"2024-05-27T05:10:35","date_gmt":"2024-05-27T09:10:35","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=79566"},"modified":"2024-05-27T05:11:22","modified_gmt":"2024-05-27T09:11:22","slug":"normie-exploit-reduces-1-1-million-investment-to-below-150","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/normie-exploit-reduces-1-1-million-investment-to-below-150\/","title":{"rendered":"NORMIE Exploit Reduces $1.1 Million Investment to Below $150"},"content":{"rendered":"\n

Reportedly, the exploit has cost a trader over $1.1 million, while the NORMIE team <\/a>has been in negotiations with the exploiter to recover the stolen funds.<\/p>\n\n\n\n

\"NORMIE<\/figure>\n\n\n\n

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. <\/p>\n\n\n\n

Within minutes, the market cap of this meme coin plummeted from $182 million to $110,000 due to this flash loan exploit. <\/p>\n\n\n\n

NORMIE Trader Loses Over $1 Million<\/h2>\n\n\n\n

Lookonchain\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>, an on-chain data provider, reports that a trader's investment in $NORMIE has dropped drastically.\u00a0<\/p>\n\n\n\n

Between Mar 25 and Apr 9, the trader acquired 11.23 million $NORMIE tokens at $0.1035 each for $1.16 million. <\/p>\n\n\n\n

However, due to the exploitation of $NORMIE, the current value of these holdings is below $150. <\/p>\n\n\n\n

The trader has retained the tokens without selling them since the purchase.<\/p>\n\n\n\n

\n

Since $NORMIE was exploited, the 11.23M $NORMIE that this trader spent $1.16M to buy is now worth less than $150.<\/p>\n\n\n\n

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<\/p>\n\n\n\n

\u2014 Lookonchain (@lookonchain) May 26, 2024<\/p>\n<\/blockquote>\n\n\n\n

Team Negotiates With the Hacker<\/h2>\n\n\n\n

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.<\/p>\n\n\n\n

According to reports, Normie accepted the hacker's proposition to reimburse 90% of the stolen NORMIE tokens. <\/p>\n\n\n\n

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. <\/p>\n\n\n\n

Additionally, in another on-chain message, the perpetrator requested that there be no retaliation.<\/p>\n\n\n\n

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”.<\/p>\n\n\n\n

The hacker reinforced their rigorous demands, insisting on a token relaunch before repaying the cash.<\/p>\n\n\n\n

Meanwhile, March 2024 marked the inception of the meme coin NORMIE earlier this year. <\/p>\n\n\n\n

According to the Quick Intel utility developers for detecting blockchain-based scams<\/a>, around 72,000 NORMIE holders were impacted by the smart contract flaw initially discovered in March.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 […]<\/p>\n","protected":false},"author":56,"featured_media":79570,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21,81,11476],"tags":[16148,918,19729,19730],"class_list":["post-79566","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-altcoin-news","category-hacks-and-scams","tag-crypto-hack-2","tag-meme-coin","tag-meme-coin-exploit","tag-normie"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/05\/NORMIE-Exploit-Reduces-1.1-Million-Investment-to-150.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/79566","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/56"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=79566"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/79566\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/79570"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=79566"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=79566"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=79566"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}