Normie

In this bullish market sentiment, the crypto-meme industry experienced a major setback as Normie, a Base-based meme coin, suffered a flash loan attack. Following this attack, Normie’s price plummeted by 99% in just one minute, and itsmarket value fell from $40 million to less than $200,000 in the same period. Normie is set to receive 90% of the stolen fund 
After this massive attack, Normie made a statement that it had accepted the attackers’ offer to return 90% of the stolen ETH while allowing them to keep 10% as a reward. Additionally, they announced that the recovered ETH would be used to resolve the incident and assist in the project’s relaunch.
However, besides returning the funds, the hacker set strict conditions. The agreement requires Normie to use the recovered tokens and the $2.3 million in the team’s development wallet to launch a new token, which will be used to reimburse NORMIE holders. The hacker also demanded no reprisals in a follow-up on-chain message.
“We will have to re-launch, yes,” Normie’s team announced on a temporary X (formerly Twitter) account after their main account wassuspended. They stated that the relaunch would occur after recovering the funds and regaining control of their main account. However, the temporary account was also suspended soon after. 
The hacker insisted that the token relaunch must happen before they returned the funds, arguing that the development wallet had profited more during the exploit, and this condition would ensure appropriate use of the funds. Normie’s price-performance analysis&nbsp; 
NORMIE’s price began to fall sharply at 3:55 am UTC on May 26, 2024. Within an hour, it plummeted over 92% to $0.0032, according to data from CoinMarketCap. However, the price continued to drop, hitting $0.0016, a 96% fall from its previous value. The market cap, which had fallen from $41.9 million to $200,000, has seen a slight recovery since then.
The situation remains fluid as the Normie team works to meet the hacker’s demands and reassure their community. Despite this <a href="https://news.todayq.com/phishing-as-a-service-phaas-what-is-it-and-how-it-work/" rel="noopener noreferrer nofollow">major hack</a> in the crypto landscape, the overall cryptocurrency market remains stable. Currently, top cryptocurrencies like Bitcoin have seen a decent price surge of 0.75%, while Ethereum has experienced a price surge of over 3.6% in the last 24 hours.

Normie token crashes 99% post flash loan attack, Here’s what hacker says

Todayq News

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