The Normie (NORMIE) token recently faced a major setback when its value plummeted by 99% in just three hours due to a smart contract exploit. This exploit led to the token’s market cap dropping from $42 million to a mere $200,000 in a short span of time. The developers of the Base meme coin, to which Normie belongs, are currently in talks with the individual responsible for the exploit in an attempt to recover 90% of the stolen funds.
The blockchain analytics firm Lookonchain was the first to detect the exploit and the subsequent offer made by the hacker. In a message sent to Normie’s deployer address, the hacker proposed to return 90% of the stolen NORMIE tokens, while keeping the remaining 10% as a bug bounty. The hacker also demanded that the stolen funds, along with 600 ETH from the team’s dev wallet, be used to launch a new token to reimburse Normie holders.
Following the exploit, Normie’s team established a new account to communicate with the community, as their main account was suspended. However, even the temporary account faced the same fate shortly after. The hacker remained adamant in their demands, insisting on a token relaunch before returning the funds to ensure they are used appropriately. This has caused significant challenges for both the team and the token holders.
The exploit had a significant impact on NORMIE holders, with over 72,000 affected by the incident. An anonymous trader who had invested $1.16 million in acquiring 11.23 million NORMIE tokens during the token’s peak is now facing a substantial loss. Their initial investment, which they had held without selling, is now worth less than $150, marking a massive decrease in value.
According to data from CoinGecko, NORMIE’s price dropped by over 92% within the first hour of the attack, with a further 99.5% decline in the following hours. The token hit rock bottom at $0.00022, representing a 98.2% fall from its all-time high. However, there have been recent signs of recovery, with the token’s market cap sitting at $1,043,837 and its price at $0.001053. This marks a 57% increase in value in the last 24 hours, offering a glimmer of hope for the token’s future.
NORMIE was launched amidst the meme coin craze on Base in March 2024 and quickly gained traction, reaching a peak market cap of $130 million on April 2. The token’s rapid rise and subsequent fall illustrate the volatility and risks associated with the cryptocurrency market, highlighting the importance of security and risk management in the industry.
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