2024

Normie

NORMIE

Base

<p>After a 100% plunge in the price of NORMIE following a smart contract exploit, the Normie memecoin team mulls negotiating with the accused hacker, in order to recover 90% of the stolen funds, causing a $41.7 million drop in market cap in under three hours.</p> 
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  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">The <a href="https://twitter.com/search?q=%24NORMIE&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$NORMIE</a> exploiter sent a message to Normie Deployer.<br><br>The condition for returning 90% of the exploited ETH is that it and the 600 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$ETH</a> in the developer's wallet are used to fairly launch a new token to reimburse <a href="https://twitter.com/search?q=%24NORMIE&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$NORMIE</a> holders.<a href="https://t.co/vmrXdgFMa2" target="_blank">https://t.co/vmrXdgFMa2</a> <a href="https://t.co/L7UkVbxZOe" target="_blank">pic.twitter.com/L7UkVbxZOe</a></p>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1794680619177521537?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">May 26, 2024</a>
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<p>Lookonchain, a blockchain analytics firm, detected the exploit and the hacker’s proposal. Normie agreed to the hacker’s terms, intending to reimburse NORMIE holders by launching a new token utilizing the stolen funds and their dev wallet.&nbsp;</p> 
<p>The hacker, requesting no retaliation, insists on a token relaunch before returning the funds. However, the timeline for fund recovery remains uncertain. NORMIE’s value plummeted by 100%, reaching $0.000002529 from a peak of $0.06839, affecting 72,000 token holders, according to <a href="https://coinmarketcap.com/currencies/normiebase/" target="_blank" rel="noreferrer noopener nofollow">Coinmarketcap</a> data.</p> 
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  <img loading="lazy" decoding="async" width="999" height="392" src="https://www.cryptotimes.io/wp-content/uploads/2024/05/NORMIE-Team-Mulls-Hacker-Demands-After-Token-100-Price-Fall.png" alt="NORMIE Price Chart" class="wp-image-179323" srcset="https://www.cryptotimes.io/wp-content/uploads/2024/05/NORMIE-Team-Mulls-Hacker-Demands-After-Token-100-Price-Fall.png 999w, https://www.cryptotimes.io/wp-content/uploads/2024/05/NORMIE-Team-Mulls-Hacker-Demands-After-Token-100-Price-Fall-800x314.png 800w, https://www.cryptotimes.io/wp-content/uploads/2024/05/NORMIE-Team-Mulls-Hacker-Demands-After-Token-100-Price-Fall-768x301.png 768w, https://www.cryptotimes.io/wp-content/uploads/2024/05/NORMIE-Team-Mulls-Hacker-Demands-After-Token-100-Price-Fall-860x337.png 860w" sizes="(max-width: 999px) 100vw, 999px">
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   NORMIE Price Chart | Source: CoinMarketCap
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<p>The incident underscores the vulnerability of Base memecoins, with 91% found to have exploitable flaws. Normie, launched during a memecoin frenzy, peaked at a market cap of $130 million in April.&nbsp;</p> 
<p>Normie’s decision to negotiate with the hacker to recover stolen funds reflects a proactive approach to mitigate losses and restore trust in the project. However, such attacks reflects poorly on the safety measures of Base memecoins and is likely to deter investors.</p> 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 <p>Also Read: <a href="https://www.cryptotimes.io/2024/05/22/pepe-surges-28-hits-new-high-as-eth-rises-on-etf-approval/" target="_blank" rel="noreferrer noopener">PEPE Surges 28% Hits New High as ETH Rises on ETF Approval+</a></p> 
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NORMIE Team Mulls Hacker Demands After 100% Price Fall

The Crypto Times

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