A memecoin trader lost over $1 million following a smart contract exploit in the Normie (NORMIE) memecoin. The trader had bought 11.23 million NORMIE memecoins, but the value of his investment plummeted by over 99% to just $150. The exploit wiped over $41.7 million from the token's market cap in just three hours. The Normie team has reportedly agreed to the hacker's offer to return 90% of the stolen NORMIE tokens, contingent on the launch of a new token to reimburse NORMIE holders. Despite the incident, memecoin traders remain active, with the frog-themed memecoin Pepe (PEPE) reaching a new all-time high.