Normie Token Plummets 99% After Smart Contract Exploit

The value of the Normie token (NORMIE) dropped by 99% within three hours after it fell victim to a smart contract exploit, temporarily dropping its market value from $42 million to $200,000.

Following this exploit, the developers of the Base meme are in discussions with the person responsible for the incident to recover 90% of the stolen funds.

Hacker Show

Blockchain analytics company Lookonchain was the first to spot the exploit and expose the hackers.

the $ normal The exploit sends a message to the Normie Deployer.

The condition for returning 90% of the exploited ETH is to be 600 $ Ethereum It is used in the developer's wallet to launch a new payment token $ normal Pregnant women.https://t.co/vmrXdgFMa2 pic.twitter.com/L7UkVbxZOe

– Loconchain (@loconchain) May 26, 2024

In a message on the chain to Normie's publisher's address on May 26, the hacker progress To return 90% of stolen NORMIE tokens, with the stipulation that the remaining 10% be kept as a bug bounty without any retaliation.

The hacker also demanded that the stolen funds, as well as 600 ETH worth approximately $3,900 in the team's development wallet, be used to launch a new token to compensate NORMIE holders.

“We'll have to relaunch, yeah,” Normie's team said via a newly created X account after their main account was suspended. “This will come after we recover our main Twitter account and after we get the money from the exploiter,” Nurmi added. However, the temporary account was also suspended shortly afterwards.

Meanwhile, the hacker will not compromise on his strict conditions, insisting that the relaunch of the token must precede the return of the funds. “The developer wallet generated significantly more profits than I did during this exploit, and I have no other way to ensure that these funds are used appropriately.” advertiser In another message in the series.

Consequences of exploitation

Quick Intel, a blockchain fraud detection tool, reported that the exploit affected 72,000 NORMIE holders.

Alert!

72000 $ normal Smart contract owners were exposed to security vulnerabilities last night! ShadowShield discovered this vulnerability in March.

That's why we're here – to show you what the smart contract is really saying.

No one deserves to be deceived. pic.twitter.com/AbtsIPqyji

— QuickIntel (@quickintel_ai) May 26, 2024

LeConchine too open An anonymous trader who invested $1.16 million to acquire 11.23 million NORMIE tokens during the cryptocurrency's peak is now facing a huge loss. Their initial investment of $1.16 million, which they have held until now without selling, is now less than $150.

According to CoinGecko Data, NORMIE's price fell by more than 92% within the first hour of the attack, and fell further by 99.5% after two and a half hours. Despite the short price spike, the cryptocurrency continued to fall, hitting lows of $0.00022, representing a 98.2% decline from its all-time high.

However, Nurmi has since shown signs of recovery. At the time of writing, it has a market cap of $1,043,837 and a price of $0.001053, representing a 57% increase in the last 24 hours.

NORMIE launched amid the coin mania on Base in March 2024 and reached a peak market capitalization of $130 million on April 2, according to CoinGecko data.