The value of the Normie (NORMIE) token plummeted by a staggering 99% in just three hours following a smart contract exploit. This unfortunate event saw the market cap of the token drop from $42 million to a mere $200,000 in a very short amount of time. The developers of the Base meme coin, where Normie is based, are currently engaged in discussions with the individual responsible for the exploit in an attempt to recover 90% of the stolen funds.
The hacker responsible for the exploit made an offer to return 90% of the stolen NORMIE tokens in exchange for keeping the remaining 10% as a bug bounty. Furthermore, the hacker demanded that the stolen funds, along with the 600 ETH worth approximately $3,900 in the team’s dev wallet, be used to launch a new token to reimburse NORMIE holders. This demand was met with uncertainty from Normie’s team, who acknowledged the necessity of a token relaunch but expressed concerns about the process.
Following the exploit, Normie’s team found themselves in a precarious position, needing to regain control of their main Twitter account and recover the funds from the exploiter before proceeding with a token relaunch. However, the challenges did not end there, as even a newly established temporary account was suspended shortly after its creation. The hacker remained steadfast in their demands, insisting on a token relaunch before returning the stolen funds to ensure their proper use.
The exploit had far-reaching consequences, affecting a significant number of NORMIE holders, with 72,000 individuals feeling the impact of the hack. One anonymous trader, who had invested $1.16 million to acquire 11.23 million NORMIE tokens at the peak of the cryptocurrency’s value, now faces a substantial loss. The initial investment of $1.16 million has dwindled to less than $150, showcasing the extent of the damage caused by the exploit.
Despite the significant fall in value and the turmoil caused by the exploit, Normie has shown signs of recovery in recent times. At the time of writing, the token’s market cap stands at $1,043,837, with a price of $0.001053. This represents a 57% increase in value over the past 24 hours, indicating a potential turnaround for the beleaguered cryptocurrency. NORMIE was launched during the meme coin craze on Base in March 2024, reaching a peak market cap of $130 million on April 2, according to data from CoinGecko.
The rise and fall of the Normie token serves as a cautionary tale about the risks inherent in the cryptocurrency market. While the allure of quick profits may be enticing, investors and developers alike must remain vigilant against potential exploits and scams that could have devastating consequences. Only by exercising due diligence and implementing robust security measures can the industry hope to protect itself and its participants from similar incidents in the future.