- The NORMIE meme coin has been exploited, leading to significant financial losses for investors.
- The team behind NORMIE is actively negotiating with the hacker to recover the stolen funds.
- A trader has reportedly lost over $1.1 million in the exploit, highlighting the severity of the situation.
Discover the latest developments in the NORMIE meme coin exploit and the efforts to recover stolen funds.
Major Exploit in NORMIE Meme Coin
The broader meme coin sector has seen strong gains this month, but NORMIE experienced a major exploit that caused it to lose more than 99% of its value in a single day. This flash loan exploit led to the market cap plummeting from $182 million to $110,000 within minutes.
NORMIE Trader Loses Over $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 the exploitation of $NORMIE, these holdings are now valued at less than $150. The trader has held the tokens without selling them since the purchase.
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.
Conclusion
The NORMIE exploit has highlighted the vulnerabilities within the meme coin sector, leading to significant financial losses for investors. The ongoing negotiations between the NORMIE team and the hacker offer a glimmer of hope for recovering the stolen funds. However, the incident underscores the importance of robust security measures in the cryptocurrency space. Investors should remain vigilant and conduct thorough research before investing in volatile assets like meme coins.
