Normie Team Negotiates 90% Fund Return After $41.7M Market Cap Plunge
After a 100% plunge in the price of $NORMIE following a smart contract exploit, the Normie memecoin team mulls negotiating with the accused hacker to recover 90% of the stolen funds, causing a $41.7 million drop in the market cap in under three hours.
The hacker offered to return 90% of the stolen Ether, so a new token will be launched to refund holders. The NORMIE team reportedly accepted the offer of ‘no reprisals’ and holder reimbursement.
On May 26, a flash loan attack targeted the $NORMIE memecoin project on Base blockchain, exploiting a vulnerability in its contract tax mechanism. This breach enabled the attacker to borrow a large amount of cryptocurrency without collateral, manipulate the token supply, and repay the loan within the same transaction.
The instantaneous nature of blockchain transactions facilitated the attack, causing a rapid increase in NORMIE’s token supply. Consequently, the token’s price plummeted by over 99%, reducing its market value from $40 million to under $200,000.
Early this morning, the Normie project team announced that the hacker had contacted them and agreed to return 90% of the stolen funds. Despite this agreement, NORMIE’s price had dropped by 96% since the exploit. Blockchain analytics firm Lookonchain identified the exploit and the hacker’s offer through an on-chain message to Normie’s deployer address.
The $NORMIE exploiter sent a message to Normie Deployer.
The condition for returning 90% of the exploited ETH is that it and the 600 $ETH in the developer's wallet are used to fairly launch a new token to reimburse $NORMIE holders.https://t.co/vmrXdgFMa2 pic.twitter.com/L7UkVbxZOe
— Lookonchain (@lookonchain) May 26, 2024
The Normie team accepted the hacker’s terms to recover the
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