NORMIE MEMECOIN TEAM NEGOTIATES WITH HACKER FOR RETURN OF 90% OF STOLEN FUNDS..
The team behind Base memecoin Normie (NORMIE) is negotiating with its hacker to return 90% of stolen funds after a smart contract vulnerability led to a massive exploit.
đ„NORMIE's token value dropped by 99% as a result of the May 26 attack.
đ„The hacker exploited a vulnerability in the tokenâs tax function, manipulating Normieâs total supply and draining its liquidity pools.Â
đ„Within hours, Normieâs market capitalization plummeted from $42 million to $100,000, currently at $1773.
đ„The incident shocked the Normie community, with many token holders reporting significant losses. One investor saw his $1.6 million investment reduced to just $150.
đ„On Sunday, the hacker offered to return 90% of the stolen funds if Normie developers agreed to relaunch the project. The hacker would keep 10% as a bug bounty.
đ„The hacker criticized Normieâs contract code as a âcopy-pasteâ job, suggesting it was not thoroughly reviewed before launch. The hacker noted that similar code exists in other token contracts with over-complicated tax logic.
đ„According to the hacker, the returned funds, along with 600 ETH from the developer wallet, should be used to fairly launch a new token to reimburse NORMIE holders.
đ„Normie developers accepted the bounty offer. Messages on the projectâs official Telegram group confirmed the acceptance.