An awful NORMIE Meme Coin Exploit caused it to lose over 99% of its value within a day despite the meme coin industry experiencing substantial increases this month. This flash loan hack reduced the market cap of this meme crypto, which was initially $182 million, to $110,000 in the blink of an eye.
NORMIE Trader Loses More Than $1 Million
A massive $NORMIE Meme Coin Exploit led to the coin losing over 99% of its value in just one day. This is especially alarming, considering the meme coin sector was so much in green this month. Consequently, the market capitalization of the meme currency fell from $182 million to $110,000 within a few minutes as it underwent this flash loan hack.
Team Negotiates With the Hacker
A huge NORMIE meme coin exploit caused the asset to lose over 99% of its value in one day. Even though the meme coin sector has recorded huge gains over the past month, this incident still occurred. Following the flash loan hack, this cryptocurrency slumped from a market cap of $182 million to $110,000 in mere minutes.
The bosses of Base NORMIE Meme Coin Exploit (NORMIE) are talking the hacker into giving back ninety per cent of the money stolen due to the abuse of the intelligent contract vulnerability. This insecurity led to the token’s market cap crashing by forty-seven million dollars within three hours. The report statements indicate that Normie gave the ok to the hacker’s plan to pay back ninety per cent of the NORMIE tokens. The deal stipulates that Normie will create a new token to recompense NORMIE holders by ensuring their funds will be repaid and allocate $2.3 million from the team’s development wallet. Nevertheless, the token price has decreased by 96% since the exploit discovery has not changed. The hacker also informed me via a more on-chain message in which they stressed no pursuit of retribution.
The Normie team answered, “Yes, a relaunch will be not a question.” It can be done after we recover our main Twitter account, the amount from the exploiter, and the team’s reiteration of their strict terms. The hacker argued that a token reenactment was a prerequisite for eradication. It happened in March 2024 when the launch of the meme coin, named relaunch, was just about to begin. As per Quick Intel, the blockchain fraud recognizing tool programmers mentioned approximately 72,000 holders. NORMIE has been affected by the Smart Contract Vulnerability after it was first discovered in March.
Investor’s $1.16 Million Drops to $150
The investor who had put in a significant amount of NORMIE Meme Coin Exploit had a much-decreased investment. The company Lookonchain is a source of data from the blockchain. It has been noted that the investor bought $1.16 million worth of NORMIE tokens for $0.1035 each on March 25 and April 9 and acquired a total of 11.23 million tokens. On the other hand, the hacker caused these assets to lose their value of less than $150. Benefit from COINTURK FINANCE. Obtain information about the latest business and financial news. Still, the investors did not sell the tokens despite buying them. So, it caused a significant economic loss.
How much money did the hacker steal, and how is the team handling it?
The hack caused a $47 million loss, but the NORMIE team is negotiating with the hacker to recover 90% of the stolen tokens and repay investors through a relaunch.
What is the impact of the NORMIE exploit on investors?
One investor who purchased $1.16 million worth of NORMIE tokens saw their investment drop to under $150 due to the exploit, reflecting a huge loss in value.
What steps are being taken to address the exploit?
The NORMIE team plans a relaunch of the token once they recover the stolen funds and their main Twitter account, ensuring the affected holders are compensated.
