- The cryptocurrency market has been buzzing with activity, particularly in the memecoin sector.
- However, the recent hack of Normie (NORMIE) has sent shockwaves through the community.
- One of the most striking impacts of this hack was the dramatic loss of value, with NORMIE’s market capitalization plummeting from $182 million to just $110,000.
Discover the latest developments in the Normie (NORMIE) hack and its implications for investors. Stay informed with our in-depth analysis and expert insights.
Investor’s $1.16 Million Turns to $150
On-chain data revealed by Lookonchain highlighted the staggering loss faced by a significant investor. This individual had invested $1.16 million to acquire 11.23 million NORMIE tokens at $0.1035 each between March 25 and April 9. Following the hack, the value of these holdings plunged to less than $150. The investor did not sell any tokens, leading to an enormous financial blow. Access COINOTAG FINANCE to get the latest financial and business news.
Recovery Efforts Underway
Normie’s development team commenced negotiations with the hacker, aiming to reclaim 90% of the stolen funds. An exploit in a smart contract triggered the sharp $41.7 million decline in NORMIE’s market value within just three hours. Despite the token’s price dropping by 96%, the hacker agreed to return 90% of the stolen tokens. A recovery plan involves using both the returned funds and $2.3 million from the development wallet to issue a new token intended to compensate the affected investors.
Concrete Measures for Investors
- Immediate negotiations with the hacker to recover stolen funds show proactive crisis management.
- The plan to launch a new token aims to offer compensation, indicating a commitment to investor restitution.
- No retaliation clause in the agreement signifies the delicate nature of such negotiations.
The Normie team acknowledged the necessity for a fresh start after regaining control of their primary X accounts and securing the agreed-upon funds from the hacker. The insistence on a token relaunch by the hacker adds another layer of complexity to their recovery strategy.
Launched in March 2024, NORMIE has seen significant turmoil. Developers of the blockchain fraud detection tool Quick Intel estimate about 72,000 NORMIE holders were impacted by the identified smart contract vulnerability, stressing the critical need for robust recovery plans.
Conclusion
The Normie (NORMIE) hack serves as a stark reminder of the vulnerabilities inherent in the cryptocurrency market. While the recovery efforts and proactive measures taken by the development team are commendable, the incident underscores the importance of robust security protocols and investor awareness. As the market continues to evolve, staying informed and vigilant remains crucial for all stakeholders.
