Although the meme currency market has seen significant growth this month, the meme coin NORMIE suffered a considerable hack that caused it to lose more than 99% of its value in a single day. The market capitalization of this meme coin fell precipitously during this flash lending scam, from $182 million to $110,000 in a matter of minutes.
A Trader from NORMIE meme coin Loses Over $1 Million
Lookonchain, an on-chain data provider, reports a sharp decline in a trader’s investment in $NORMIE. Between March 25 and April 9, the trader paid $1.16 million to purchase 11.23 million $NORMIE tokens at $0.1035 per. However, due to an exploitation of $ NORMIE, these holdings are now worth less than $150. Since the purchase, the trader has retained the tokens without selling them.
Since $NORMIE was exploited, the 11.23M $NORMIE that this trader spent $1.16M to buy is now worth less than $150.
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
— Lookonchain (@lookonchain) May 26, 2024
Team and Hacker Engage in Negotiations
The creators of Base Memecoin Normie (NORMIE), which saw a $41.7 million decline in the token’s market capitalization in just three hours, are negotiating with a hacker to retrieve 90% of the money taken.
According to reports, Normie accepted the hacker’s promise to give back 90% of the NORMIE tokens that were taken. The deal states that Normie would establish a new token to repay NORMIE holders using the returned monies and $2.3 million from the team’s development wallet, even though the token’s price has dropped 96% since the exploit. The hacker also asked for no retaliation in another on-chain post.
The Normie team acknowledged that a relaunch would be necessary. That will happen upon the return of our primary Twitter account and the receipt of the money from the exploiter.
The hacker reiterated their strict requirements, stating that a token relaunch must occur before the money is returned.
The meme coin NORMIE was created in March 2024, earlier this year. According to the developers of the blockchain fraud detector Quick Intel, about 72,000 NORMIE owners claim to have been impacted by the smart contract vulnerability that was initially discovered in March.
