Whereas the broader meme coin sector has witnessed robust features this month, there was a serious exploit within the meme coin NORMIE which led it to lose greater than 99% of its worth in a single day. Amid this flash mortgage exploit, the market cap of this meme coin plummeted all the way in which from $182M to $110k inside minutes.
NORMIE Dealer Loses Extra Than $1 Million
In keeping with on-chain information supplier Lookonchain, a dealer’s funding in $NORMIE has dramatically plummeted. The dealer spent $1.16 million to amass 11.23 million $NORMIE tokens at a price of $0.1035 every between March 25 and April 9. Nonetheless, following an exploitation of $NORMIE, these holdings at the moment are valued at lower than $150. The dealer has held the tokens with out promoting them because the buy.
Since $NORMIE was exploited, the 11.23M $NORMIE that this dealer spent $1.16M to purchase is now price lower than $150.
He spent $1.16M to purchase 11.23M $NORMIE at $0.1035 from Mar 25 to Apr 9 and has held it till now with out promoting it.https://t.co/za6YaldkoZ pic.twitter.com/6lJRJsU2mq
— Lookonchain (@lookonchain) May 26, 2024
Workforce Negotiates With the Hacker
The crew behind Base memecoin Normie (NORMIE) is negotiating with a hacker to recuperate 90% of the funds stolen on account of a wise contract vulnerability, which led to a $41.7 million drop within the token’s market cap inside three hours.
Normie has reportedly agreed to the hacker’s supply to return 90% of the stolen NORMIE tokens. Regardless of the token’s value already falling 96% because the exploit, the settlement stipulates that Normie will use the returned funds and $2.3 million from the crew’s improvement pockets to launch a brand new token to compensate NORMIE holders. Moreover, the hacker requested no reprisals in one other on-chain message.
The Normie crew stated: “We should re-launch, sure. That can come after we get our fundamental twitter account again and after we get the funds from the exploiter”.
The hacker reaffirmed their stringent situations, insisting {that a} token relaunch should happen earlier than returning the funds.
Meme coin NORMIE got here into existence earlier this 12 months in March 2024. The creators of the blockchain rip-off detection device Fast Intel assert that roughly 72,000 NORMIE holders had been affected by the good contract vulnerability, which was first recognized in March.
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