Normie

Memecoin

Million

Pepe

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/investor-loses-over-1-million-in-normie-memecoin-attack/" data-wpel-link="internal">Investor Loses Over $1 Million in Normie Memecoin Attack</a><br></p>
<p class="p1" style="text-align: justify">An unfortunate investor lost over $1 million in crypto assets following an attack on the <a href="https://en.coin-turk.com/shiba-inu-prepares-for-new-developments-shibarium-on-the-horizon/" data-wpel-link="internal">memecoin</a> project Normie. The memecoin investor spent over $1.16 million to purchase 11.23 million Normie (NORMIE) memecoins, but according to Lookonchain’s May 26 post, the initial investment plummeted by over 99% to just $150.</p> 
<h2 class="p1" style="text-align: justify" id="what-happened-in-the-normie-attack">What Happened in the Normie Attack?</h2> 
<p class="p1" style="text-align: justify">Normie is a memecoin project on the Base network that suffered a smart contract attack exceeding $41.7 million in market value within just three hours. Lookonchain was the first platform to highlight this attack in its May 26 post.</p> 
<p class="p1" style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-356238 size-full" src="https://coin-turk.com/wp-content/uploads/2024/05/trader-scaled.jpg" alt="" width="2560" height="1189"></p> 
<p class="p1" style="text-align: justify">According to CoinGecko data, Normie’s value dropped by over 96% following the attack, hitting a market cap low of around $200,000 before a small recovery began.</p> 
<p class="p1" style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-356237 size-full" src="https://coin-turk.com/wp-content/uploads/2024/05/normie.webp" alt="" width="1644" height="1200"></p> 
<p class="p1" style="text-align: justify">Early on May 27, it was reported that the Normie team accepted the hacker’s offer to return 90% of the stolen NORMIE tokens. This agreement depends on using the returned funds and the team’s development wallet of $2.3 million to launch a new token to reimburse NORMIE holders. The hacker demanded that the token launch occur before returning the stolen funds, as stated in the attacker’s blockchain message seen by Lookonchain:</p> 
<blockquote> 
 <p class="p1" style="text-align: justify">“The developer wallet earned much more than I did during this attack, and there is no other way to ensure these funds are used properly.”</p> 
</blockquote> 
<p class="p1" style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-356236" src="https://coin-turk.com/wp-content/uploads/2024/05/lookonchain.webp" alt="" width="500" height="474"></p> 
<p class="p1" style="text-align: justify">According to a May 26 post by blockchain <a href="https://newslinker.co/category/ai/" target="_blank" rel="noopener" data-wpel-link="exclude">data analysis</a> firm Quick Intel, the smart contract attack first detected in March affected over 72,000 Normie holders.</p> 
<h2 class="p1" style="text-align: justify" id="memecoin-hype-continues">Memecoin Hype Continues</h2> 
<p class="p1" style="text-align: justify">Despite the unfortunate event, memecoin <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">investors</a> continue to buy animal-themed cryptocurrencies. According to CoinMarketCap data, frog-themed memecoin Pepe reached an all-time high of $0.00001718 on May 27, following a rise of over 75% last week.</p> 
<p class="p1" style="text-align: justify"><img loading="lazy" decoding="async" loading="lazy" class="aligncenter wp-image-356235 size-full" src="https://coin-turk.com/wp-content/uploads/2024/05/pepe-3.webp" alt="" width="1737" height="744"></p> 
<p class="p1" style="text-align: justify">Memecoin projects are among the most volatile crypto assets because they lack intrinsic utility. Despite the inherent risks, some investors navigate this high-risk market segment successfully, earning millions. Two weeks ago, a savvy Pepe investor turned $3,000 into $46 million through memecoin trading. The return of the GameStop legend supported Pepe’s price, and the investor achieved a return 15,718 times their initial investment.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/investor-loses-over-1-million-in-normie-memecoin-attack/" data-wpel-link="internal">Investor Loses Over $1 Million in Normie Memecoin Attack</a></h5>

Investor Loses Over $1 Million in Normie Memecoin Attack

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