There have been notable gains in the memecoin market this month, but one memecoin called Normie (NORMIE) suffered a massive hacking attack, losing over 99% of its value in a single day. As a result of the attack, Normie's market value dropped from $182 million to $110,000 in a matter of minutes.
Investor's $1.16 Million Dropped to $150
According to on-chain data provider Lookonchain, an investor has suffered a significant loss on his large investment in NORMIE. The investor purchased 11.23 million units of NORMIE, spending $1.16 million between March 25 and April 9. However, due to the hacking attack, the value of the investor's assets has now dropped below $150. The investor suffered a huge financial loss as he had not sold any of his tokens since the purchase.
Negotiations Started with the Hacker
The team behind Base-based memecoin Normie began negotiations with the hacker to recover 90% of the stolen funds. The attack occurred due to a smart contract vulnerability and caused a $41.7 million drop in the token's market value within three hours. The agreement with the hacker includes the return of 90% of the stolen NORMIE tokens.
The recovery plan involves using the returned funds and $2.3 million from the team's development wallet to launch a new token. The hacker stipulated that there would be no retaliation as part of this agreement. The Normie team acknowledged the need for a reboot after regaining control of the main X accounts and securing the funds from the hacker. However, the hacker insisted that the token must be reinstated before returning the stolen funds.
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