The Normie (NORMIE) token recently faced a major setback when its value plummeted by 99% within just three hours due to a smart contract exploit. This exploit caused its market cap to drop from a staggering $42 million to a mere $200,000. In the aftermath of the incident, the developers of the Base meme coin have been engaged in discussions with the individual responsible for the exploit in an attempt to recover 90% of the stolen funds.
Blockchain analytics firm Lookonchain was the first to detect the exploit and the hacker’s proposal. The hacker, in an on-chain message to Normie’s deployer address, offered to return 90% of the stolen NORMIE tokens. However, they demanded that the remaining 10% be kept as a bug bounty with no repercussions. Furthermore, the hacker insisted that the stolen funds, along with approximately 600 ETH worth $3,900 in the team’s dev wallet, be used to launch a new token to compensate NORMIE holders.
Normie’s team acknowledged the necessity of a token re-launch following the exploit, stating that it would occur after the recovery of their main Twitter account and the funds from the exploiter. However, even their temporary account was suspended shortly after the statement. The hacker was adamant that a token re-launch must precede the return of the funds, emphasizing the importance of ensuring the appropriate utilization of the dev wallet funds.
Quick Intel, a blockchain scam detection tool, reported that the exploit affected a total of 72,000 NORMIE holders. Additionally, an anonymous trader who had invested $1.16 million to acquire 11.23 million NORMIE tokens during the cryptocurrency’s peak is now facing significant losses. Their initial investment has dwindled to less than $150, showcasing the devastating impact of the exploit on investors.
CoinGecko data revealed that NORMIE’s price experienced a drastic decline, plummeting by over 92% within the first hour of the attack and dropping further by 99.5% after two and a half hours. The cryptocurrency hit an all-time low of $0.00022, representing a 98.2% decrease from its peak. Despite the initial crash, Normie has displayed signs of recovery, with its market cap currently standing at $1,043,837 and its price at $0.001053, indicating a 57% surge in the last 24 hours.
The rise and fall of the Normie token serve as a cautionary tale for investors in the cryptocurrency space. The swift and severe impact of the smart contract exploit underscores the importance of robust security measures and vigilant oversight in the development and deployment of token projects. While Normie has begun to recover from the aftermath of the exploit, the lessons learned from this incident are invaluable in shaping the future of decentralized finance and digital assets.
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