This month, the memecoin market saw notable gains; however, a memecoin named Normie (NORMIE) suffered a major hack attack, losing over 99% of its value in a single day. As a result of the attack, Normie's market cap plummeted from $182 million to $110,000 within minutes.
Investor's $1.16 Million Dropped to $150
According to on-chain data provider Lookonchain, an investor experienced a significant loss in their large investment in NORMIE. The investor spent $1.16 million between March 25 and April 9 to purchase 11.23 million NORMIE tokens. However, due to the hack, the value of the investor's assets has now fallen to below $150. The investor suffered a massive financial loss as they did not sell any of their tokens since the purchase.
Negotiations with the Hacker Initiated
The team behind the Base-based memecoin Normie has started negotiations with the hacker to recover 90% of the stolen funds. The attack occurred due to a smart contract vulnerability, causing a $41.7 million drop in the token's market cap within three hours. The proposed deal with the hacker involves the return of 90% of the stolen NORMIE tokens.
The recovery plan includes using the returned funds and $2.3 million from the team's development wallet to launch a new token. As part of the agreement, the hacker insisted on no retaliation. The Normie team accepted the need for a relaunch after regaining control of their main X accounts and securing the funds returned by the hacker. However, the hacker insisted that the token be relaunched before the stolen funds are returned.