The Normie (NORMIE) token recently faced a major setback when it fell victim to a smart contract exploit, causing its value to plummet by a staggering 99% in just three hours. This exploit resulted in the market cap of the token dropping from $42 million to a mere $200,000. The aftermath of this incident has left the developers of the Base meme coin scrambling to deal with the fallout and attempt to recover the stolen funds.
Following the exploit, the hacker responsible for the incident reached out to the developers, offering to return 90% of the stolen NORMIE tokens. However, the hacker also made specific demands, insisting that the remaining 10% be kept as a bug bounty with no repercussions. Moreover, the hacker stipulated that the stolen funds, along with 600 ETH worth approximately $3,900 in the team’s dev wallet, be used to launch a new token to reimburse NORMIE holders.
In response to the hacker’s demands, Normie’s team acknowledged that they would need to re-launch the token. However, complications arose when their main Twitter account was suspended, and a newly established account was also quickly shut down. Additionally, the hacker remained steadfast in their insistence that a token relaunch must take place before the stolen funds could be returned, further complicating the situation for Normie’s team.
The exploit had significant implications for NORMIE holders, with over 72,000 individuals affected by the incident. One anonymous trader who had invested $1.16 million to acquire 11.23 million NORMIE tokens during the cryptocurrency’s peak now faces a substantial loss. Their initial investment has decreased in value to less than $150, representing a significant financial setback.
Despite the turmoil caused by the exploit, Normie has shown signs of recovery in recent days. The token’s market cap currently stands at $1,043,837, with a price of $0.001053, marking a 57% increase in the last 24 hours. This resurgence comes after the token experienced a sharp decline, plummeting by over 92% within the first hour of the attack and ultimately falling by 99.5% after two and a half hours.
The saga of the Normie token serves as a cautionary tale for investors and developers alike in the volatile world of cryptocurrency. The swift and drastic impact of the exploitation highlights the need for robust security measures and proactive strategies to mitigate risks in the digital asset space. As Normie’s team navigates the aftermath of the exploit and works towards reclaiming the stolen funds, the incident underscores the challenges and complexities involved in managing and safeguarding digital assets in a rapidly evolving landscape.
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