The hackers point out that the project team could have left this gap to carry out a “rug pull” scam. However, they note that this does not seem to be the case, as the developers could have done this sooner.
Memecoin Normie (NORMIE), which lost 100% of its value after a hacker attack. Source: Reproduction.
The Normie (NORMIE), a memecoin created on the Base network, lost 100% of its value in a matter of minutes after suffering an attack. Hackers reportedly exploited a flaw in the token contract, allowing new coins to be created out of thin air.
After that, they dumped these coins on the market until the cryptocurrency's liquidity was zero. The attack was explained by the hackers themselves in an on-chain message published in the early hours of Monday (27) in which they placed the blame on the developers' negligence.
“This exact code is present in several other token contracts, some of which are much older than Normie.”
“Most memecoins are simply copies of the same small sets of contracts, all with overly complicated taxation logic in the transfer function,” the message continues. “I suspect this is just a case of reusing code that they haven't thoroughly reviewed.”
Message written by Normie (NORMIE) cryptocurrency hackers. Source: Basescan.
Finally, the hackers point out that the project team could have left this gap to carry out a “rug pull” scam. However, they note that this does not seem to be the case, as the developers could have done this sooner.
Memecoin loses 100% of its value
With the highest trading volume on decentralized exchanges, the memecoin Normie (NORMIE) melted after the attack. According to data from CoinMarketCap, the cryptocurrency lost 100% of its value in the early hours of this Sunday (26).
Criptomoeda Normie (NORMIE) perde 100% de seu valor após ataque hacker. Fonte: CoinMarketCap.
In another message sent by the hackers, they promise to return 90% of the stolen Ethers (ETH), which served as liquidity for NORMIE in decentralized brokers. However, they also made demands.
“I offer to return 90% of the stolen ETH, keeping 10% as a reward for finding the bug (no reprisals). One condition: this amount, and the 600 ETH in the developers' wallet, must be used to fairly launch a new token, which will be used to reimburse NORMIE holders.”
Offer sent to hackers from memecoin NORMIE. Source: Basescan.
According to screenshots, the developers would have accepted the terms. However, the project's official account was suspended on Twitter, for no reason revealed, making any updates on this agreement impossible.
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Blow back blow
To make matters worse, several fake accounts appeared on Twitter promising refunds to those affected. Many of them have a gold verified seal, which can deceive the most inattentive. The links contained in the messages are obviously part of a phishing attack.
Phishing attack targets Normie (NORMIE) victims. Source: Twitter/Reproduction.
Apparently, both accounts in the screenshot above belonged to other companies, but were hacked. At the time of writing, several tweets from this scam have been up for over 20 hours and Twitter has yet to take action.
Several other fake accounts without the verified badge also appear in Twitter search.
Finally, the case shows the risk of investing in new cryptocurrencies created without any specific reason. Furthermore, it also reveals the headquarters of the scammers, who are exploiting the victims' fragility to carry out new scams.
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