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One hapless investor lost over $1 million in assets after the Normie memecoin imploded.
According to a report published by Lookonchain on May 26, this memecoin investor spent $1.16 million to buy 11.23 million Normie (NORMIE) tokens, but his initial investment lost over 99 percent in value, falling to just $150:
“Between March 25 and April 9, he purchased $11.23 million of NORMIE at $0.1035 and has held it without selling until now.”
Normie, a Base-based memecoin, was subjected to a smart contract exploit that caused over $41.7 million in losses from the token's market cap in just three hours. Lookonchain published a report on May 26, being the first platform to detect this exploit.
According to CoinGecko data, Normie's value dropped more than 96 percent following the incident, with its market cap falling to $200,000 before stabilizing after a small recovery.
The Normie team announced early May 27 that the hacker had agreed to return 90 percent of the stolen NORMIE tokens. However, this deal came on the condition that Normie launch a new token to repay NORMIE holders using the returned funds and the $2.3 million in the team's development wallet.
According to a blockchain message spotted by Lookonchain, the hacker demanded that a new token launch occur before returning the stolen funds.
"The development wallet earned much more than I did during this exploit, and I see no other way to ensure these funds are used appropriately."
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