While the broader meme coin sector has witnessed robust good points this month, there was a significant 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 best way from $182M to $110k inside minutes.
NORMIE Trader Loses More Than $1 Million
According to on-chain information supplier Lookonchain, a dealer’s funding in $NORMIE has dramatically plummeted. The dealer spent $1.16 million to purchase 11.23 million $NORMIE tokens at a price of $0.1035 every between March 25 and April 9. However, following an exploitation of $NORMIE, these holdings are actually valued at lower than $150. The dealer has held the tokens with out promoting them for the reason that buy.
Since $NORMIE was exploited, the 11.23M $NORMIE that this dealer spent $1.16M to purchase is now value 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
Team Negotiates With the Hacker
The group behind Base memecoin Normie (NORMIE) is negotiating with a hacker to get better 90% of the funds stolen due to 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 provide to return 90% of the stolen NORMIE tokens. Despite the token’s worth already falling 96% for the reason that exploit, the settlement stipulates that Normie will use the returned funds and $2.3 million from the group’s improvement pockets to launch a brand new token to compensate NORMIE holders. Additionally, the hacker requested no reprisals in one other on-chain message.
The Normie group mentioned: “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 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 instrument Quick Intel assert that roughly 72,000 NORMIE holders have been affected by the sensible contract vulnerability, which was first recognized in March.
The introduced content material might embrace the non-public opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any duty in your private monetary loss.
