Normie

Memecoin

April

Planet

<div class="intro-text">
 The Normie memecoin (NORMIE) has seen its value decline by over 99% after a <a style="color: #0000ff;" href="https://www.coingecko.com/en/coins/normie-2" rel="noopener noreferrer nofollow">massive exploit</a> on its platform on May 26.
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Within hours of the hack, Normie’s market capitalization <a style="color: #0000ff;" href="https://www.coingecko.com/en/coins/normie-2/historical_data" rel="noopener noreferrer nofollow">decreased </a>from nearly $42 million to just $100,000. The token’s price plunged from $0.32 to $0.0032. It has further decreased to $0.0016 as of press time.
The incident, caused by a smart contract vulnerability, has led to frantic negotiations between the Normie team and the hacker responsible. The exploit targeted a weakness in Normie’s tax function, allowing the hacker to manipulate the token’s total supply and drain its liquidity pools. Blockchain analytics firm <a style="color: #0000ff;" href="https://twitter.com/lookonchain/status/1794680612399542672?t=8wqKK7SInk_CaDbA7WIUAw&amp;s=19" rel="noopener noreferrer nofollow">Lookonchain</a> was among the first to detect the exploit and the hacker’s offer.&nbsp;
According to the analytics firm, the hacker, in an<a style="color: #0000ff;" href="https://basescan.org/tx/0x587f14b7ffb30b5013ab0db02e9bc94183817ef34c24a9595f33277e752f81eb" rel="noopener noreferrer nofollow"> on-chain message</a>, proposed to return 90% of the stolen funds on the condition that the Normie developers re-launch the project. The hacker would retain 10% of the funds as a bug bounty.&nbsp;
Notably, the hacker criticized the quality of Normie’s contract code, describing it as a “copy-paste” job. They even suggested similar vulnerabilities might exist in other tokens with overly complicated tax logic.
Normie developers accepted the hacker’s proposal, as <a style="color: #0000ff;" href="https://x.com/NormieBase/status/1794679630408122388" rel="noopener noreferrer nofollow">confirmed</a> in its now-suspended account on X. The team has also communicated via a newly created account, stating, 
<blockquote class="pullquote align-center">
 “We will have to re-launch, yes. That will come after we get our main Twitter account back and after we get the funds from the exploiter.”
</blockquote>
The hacker also <a style="color: #0000ff;" href="https://x.com/lookonchain/status/1794680619177521537" rel="noopener noreferrer nofollow">laid down strict conditions</a> for the return of the funds, insisting that the re-launch must precede the handover to ensure the funds are used appropriately.&nbsp;
<blockquote class="pullquote align-center">
 “The dev wallet made significantly more than I did during this exploit, and I have no other way to ensure that those funds are used appropriately,”
</blockquote>
the hacker stated in a message.
NORMIE was <a style="color: #0000ff;" href="https://www.coingecko.com/en/coins/normie-2" rel="noopener noreferrer nofollow">previously</a> among the top meme coins on Ethereum Layer 2 Network, Base, with a market cap exceeding $40 million and nearly 90,000 on-chain token holders. It was launched in March 2024 amid the memecoin frenzy and reached a peak market cap of $130 million by April 2. The recent exploit, however, has cast a long shadow over its future.
Meanwhile, in a recent update on their new Twitter account, the Normie team <a style="color: #0000ff;" href="https://twitter.com/crown_premium_P/status/1795077934627148144?t=QLl3lPintD2zV_n3eIg4Xw&amp;s=19" rel="noopener noreferrer nofollow">announced</a> that a new version of the platform is now active. Users were advised to “immediately migrate” to this new platform within 24 hours.
<blockquote class="twitter-tweet">
 <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://twitter.com/search?q=%24NORMIE&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$NORMIE</a> V2 Migration is Now Live
 All <a href="https://twitter.com/search?q=%24NORMIE&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$NORMIE</a> holders are advised to immediately migrate to the new contract.
 Users have 24 hours to migrate before the legacy contract is burned and users refunds are issued.
 Migrate Now <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/27a1.png" alt="➡" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/wALZC6jSMp" rel="noopener noreferrer nofollow">https://t.co/wALZC6jSMp</a> <a href="https://t.co/5WZP7z9pyr" rel="noopener noreferrer nofollow">pic.twitter.com/5WZP7z9pyr</a>
 — Normie (@crown_premium_P) <a href="https://twitter.com/crown_premium_P/status/1795077934627148144?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 27, 2024</a>
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The post <a href="https://defi-planet.com/2024/05/normie-memecoin-crash-99-following-platform-exploit-team-agrees-to-relaunch/" rel="noopener noreferrer nofollow">Normie Memecoin Crash 99% Following Platform Exploit, Team Agrees to Relaunch</a> appeared first on <a href="https://defi-planet.com" rel="noopener noreferrer nofollow">DeFi Planet</a>.

Normie Memecoin Crash 99% Following Platform Exploit, Team Agrees to Relaunch

DeFi Planet

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