Normie

Quick Intel

NORMIE

Base

The team behind Base memecoin Normie (NORMIE) says it is negotiating with its hacker to return 90% of funds stolen due to a smart contract vulnerability — leading to a $41.7 million plunge in the token’s market cap in less than three hours. 
Blockchain analytics firm Lookonchain was one of the first to <a href="https://x.com/lookonchain/status/1794680619177521537" target="_blank" rel="noopener nofollow">spot</a> the exploit and the hacker’s offer in an on-chain message to Normie’s deployer address on May 26.
Normie later reportedly accepted the hacker’s offer to get 90% of the stolen NORMIE tokens back — though the price has already fallen 96% since the exploit — on the <a href="https://basescan.org/tx/0x587f14b7ffb30b5013ab0db02e9bc94183817ef34c24a9595f33277e752f81eb" target="_blank" rel="noopener nofollow">condition</a> Normie uses the stolen funds and the $2.3 million in the team’s dev wallet to launch a new token to reimburse NORMIE holders.
The hacker also asked for no reprisals in another on-chain message. 
“We will have to re-launch, yes,” Normie’s team said on a new X account it apparently created after its main one was suspended.
“That will come after we get our main twitter account back and after we get the funds from the exploiter,” Normie said at the time — though the temporary account was also suspended soon after.
But the hacker doubled down on their strict conditions, asserting that a token re-launch must occur prior to the funds being returned.
<blockquote>
 “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>
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-05/fd8d9145-193d-443a-b06f-c75e4ef2e2b3.png">
 <figcaption style="text-align: center;">
 Source: <a href="https://basescan.org/tx/0x29f45e7040bed5ff7d701dff87cf059e709e23adc1ff326b47ec9f17dd599bb4" target="_blank" rel="noopener nofollow">Base Explorer</a>
 </figcaption>
</figure>
“Dinho,” one of the administrators of the official NORMIE Telegram group, couldn’t confirm when NORMIE token holders may recover their stolen funds. Dinho’s X account was also suspended.
NORMIE’s price started to fall at 3:55 am UTC on May 26, and within a single hour, it already plummeted over 92% to $0.0032, <a href="https://www.coingecko.com/en/coins/normie-2" target="_blank" rel="noopener nofollow">according</a> to CoinGecko. It fell to 99.5% after two and a half 
Other than a short-lived price spike to $0.019, its price continued to move in a downward trajectory to $0.0016 at the time of writing, marking a 96% fall. 
Its market cap bottomed out at $200,000 after falling from $41.9 million but has slightly recovered since.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-05/2234dd97-9aca-4cd3-9379-c18507d6dfc0.png">
 <figcaption style="text-align: center;">
 NORMIE’s change in market capitalization over the last 24 hours. Source: CoinGecko
 </figcaption>
</figure>
Related: <a href="https://cointelegraph.com/news/sonne-finance-pause-20m-crypto-hack">$20M exploit cripples Sonne Finance, hacker in no mood for negotiation</a>
The team behind blockchain scam detector tool Quick Intel <a href="https://x.com/quickintel_ai/status/1794780977073697093" target="_blank" rel="noopener nofollow">claims</a>&nbsp;72,000 NORMIE holders were impacted by the smart contract vulnerability, which was discovered back in March.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-05/551d7987-1265-43a1-803a-2d52a2d7b23d.png">
 <figcaption style="text-align: center;">
 Source: Quick Intel
 </figcaption>
</figure>
It isn’t clear how much funds were stolen in the ordeal.
NORMIE was launched amid a recent memecoin mania on Base in March 2024, reaching a peak market cap of $130 million back on April 2, <a href="https://www.coingecko.com/en/coins/normie-2" target="_blank" rel="noopener nofollow">according</a> to CoinGecko.
A recent investigation from Cointelegraph found <a href="https://cointelegraph.com/magazine/base-meme-coins-scams-vulnerabilities-honeypot/">91% of Base memecoins have vulnerabilities</a> that could expose users to big losses.
Magazine: <a href="https://cointelegraph.com/magazine/ethics-101-crypto-projects-negotiate-hackers/">Should crypto projects ever negotiate with hackers? Probably</a>

Normie memecoin team mulls hacker demands after token falls 99%

Cointelegraph

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