Memecoins
Normie plummets 99% after exploit on base network
Normie, a meme coin based on Ethereum’s Layer 2 network, suffered a major exploit, causing the value of its token to plummet by 99%.
The project team acknowledged the violation and accepted the attacker’s proposal to return the stolen goods.
Normie’s market capitalization free falls
An attacker exploited a vulnerability in Normie’s contract taxation mechanism, which conducts a flash lending attack dramatically increasing the token supply of the meme coin. This exploit caused a 99% drop in the token’s value, while the market capitalization went from around $41 million to around $1.3 million.
Guardaonchain highlighted the serious impact on traders. The analyst noted that a trader whose $1.16 million investment in NORMIE is now worth less than $150. Likewise, many other token holders expressed their significant losses on the project’s official Telegram channel.
Meanwhile, cryptocurrency exchange LBank reported an influx of deposits of Normie tokens, suggesting a link to the exploit.
“We have noticed a large number of unusual deposits of NORMIE tokens, possibly linked to an exploit. We invite the project team to contact us with details on the addresses involved and potential fixes,” LBank declared.
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Normal market capitalization. Source: CoinGecko
Interestingly, the attacker has offered return 90% of the stolen assets if the project launched a new token to compensate affected holders.
In response, Normie’s team accepted the proposal and assured that there would be no retaliation. Furthermore, the project declared that all ETH in its development wallet would be engaged in the recovery effort. Chain data shows that developer Normie’s wallet currently holds around 736 ETH, worth around $11.7 million.
“Exploiter, we accept your offer to return 90% of the exploited ETH. You can keep 10%, without retaliation. All $ETH from the Normie development wallet will be used to correct this situation and assist in our relaunch,” the Normie team declared.
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Normie is a memecoin launched on Base in March during the meme coin frenzy which overwhelmed the blockchain network following the introduction of the Dencún updatereducing drastically fees for Ethereum layer-2 networks. He had enjoyed the project some first successesreaching a market capitalization of over $100 million before this incident.
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