Meme coin NORMIE exploit reduces $1.1 million investment to less than $150

While the NORMIE team has been negotiating with the attackers to recover the stolen funds, one trader reportedly lost more than $1.1 million in the breach.

While the memecoin sector as a whole has seen strong gains this month, the memecoin NORMIE suffered a major vulnerability that caused its market value to shrink by more than 99% in one day. During this flash loan vulnerability, the memecoin’s market value plummeted from $182 million to $110,000 in a matter of minutes.

NORMIE Traders Lose Over $1 Million

According to data from on-chain data provider Lookonchain, one trader's investment in $NORMIE has fallen sharply. The trader bought 11.23 million $NORMIE tokens at $0.1035 per token between March 25 and April 9, spending $1.16 million. However, after the $NORMIE exploit, these tokens are now worth less than $150. Since the purchase, the trader has held on to these tokens without selling them.

Team negotiates with hackers

The team behind base memecoin Normie (NORMIE) is in talks with a hacker to recover 90% of funds stolen due to a smart contract vulnerability that caused the token’s market value to drop by $41.7 million in three hours.

Normie has reportedly agreed to the hacker's proposal to return 90% of the stolen NORMIE tokens. Although the token's price has fallen 96% since the exploit, the agreement stipulates that Normie will use the returned funds and $2.3 million in the team's development wallet to launch new tokens to compensate NORMIE holders. In addition, the hacker asked not to retaliate in another on-chain message.

"Yes, we have to reboot. This will happen after we restore the main Twitter account and recover the funds from the attacker," said the Normie team.

The hackers reiterated their strict conditions, insisting that the tokens must be reactivated before the funds can be returned.

Meme coin NORMIE was born in March 2024. The creator of blockchain scam detection tool Quick Intel claims that approximately 72,000 NORMIE holders were affected by a smart contract vulnerability first discovered in March.