Meme coin NORMIE Exploit Turns $1.1 Million Investment to Less Than $150

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As a researcher with a background in blockchain technology and experience in tracking meme coin markets, I find the recent events surrounding the meme coin NORMIE particularly disheartening. The sudden exploit of this coin, resulting in over 99% loss of value for its investors and a $41.7 million drop in market cap, is a stark reminder of the risks involved in this sector.

In the past month, the meme coin market as a whole has experienced substantial growth. However, the meme coin NORMIE underwent a significant setback due to a major exploit related to flash loans. Consequently, the value of NORMIE plummeted, resulting in a loss of over 99% of its value within a single day. As a result, the market capitalization of this meme coin rapidly dropped from $182 million to just $110,000.

NORMIE Trader Loses More Than $1 Million

Based on information from data provider Lookonchain, a trader’s investment in $NORMIE has experienced a significant loss. Between March 25 and April 9, the trader bought 11.23 million $NORMIE tokens for $1.16 million, which amounted to approximately $0.1035 per token. Unfortunately, after an exploitation of the $NORMIE platform, the value of these holdings has dropped below $150. Despite this setback, the trader has not sold their tokens since the purchase.

As a crypto investor who recently bought 11.23 million dollars worth of $NORMIE for 1.16 million dollars, I’m now facing the reality that the value of my investment has been significantly diminished due to the recent exploit in the $NORMIE protocol. The coins are currently worth less than 150 dollars each.
From March 25th to April 9th, he expended a total of $1,160,000 to acquire approximately 112.3 million NORMIE units at an average price of $0.1035 each. He has not sold any of these holdings since then.
— Lookonchain (@lookonchain) May 26, 2024

Team Negotiates With the Hacker

The group managing the memecoin project Base (NORMIE) is in discussions with a hacker aiming to retrieve approximately 90% of the funds misappropriated as a consequence of a smart contract flaw. This vulnerability triggered a significant decrease in NORMIE’s market capitalization, amounting to around $41.7 million within a mere three-hour timeframe.

Normie is said to have accepted the hacker’s proposal to restore 90% of the stolen NORMIE tokens. Although the token value has dropped by 96% since the breach, the contract specifies that Normie will utilize the recovered funds and an extra $2.3 million from the development fund to introduce a new token aimed at reimbursing NORMIE investors. The hacker also asked for no retaliation in another cryptic message on the blockchain.

The Normie team announced that they would need to relaunch their project. This would occur following the retrieval of their primary Twitter account and once they have obtained the funds taken by the exploiter.

As a crypto investor, I firmly stand by my previous demands. Before handing over the seized funds, the hacker requires a token relaunch to take place first.

In March 2024, the meme coin NORMIE emerged onto the cryptocurrency scene. Unfortunately, around 72,000 individuals holding this digital currency were impacted when a flaw was discovered in its smart contract. This vulnerability was reported by the creators of Quick Intel, a blockchain scam detection tool, as early as March.

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2024-05-27 09:34