The Normie (NORMIE) token experienced a catastrophic event when its value plummeted by 99% within a mere three hours due to a smart contract exploit. This exploit caused the token’s market cap to drop from $42 million to a mere $200,000. The repercussions of this incident were far-reaching, impacting not only the developers of the Base meme coin but also the numerous NORMIE token holders affected by the exploit.
In the aftermath of the exploit, the developers of the NORMIE token found themselves in negotiations with the individual responsible for the incident. The hacker, in an unexpected turn of events, offered to return 90% of the stolen NORMIE tokens to the developers. However, this offer came with certain conditions – the remaining 10% was to be kept as a bug bounty with no repercussions. The hacker also stipulated that the stolen funds, as well as 600 ETH amounting to approximately $3,900, be utilized to launch a new token to reimburse NORMIE holders.
Despite the hacker’s offer, the road to recovery for the Normie token was fraught with challenges. The suspensions of both their main Twitter account and a temporary account hindered their communication efforts with the community. Additionally, the hacker’s insistence on a token relaunch before returning the funds further complicated the situation for the Normie team.
The exploit had a significant impact on NORMIE token holders, with 72,000 individuals affected by the incident. An anonymous trader who had invested $1.16 million in NORMIE tokens faced a substantial loss as the token’s value plummeted. The price of NORMIE dropped by over 92% within the first hour of the attack, eventually falling by 99.5% from its peak value. Despite these challenges, Normie has shown signs of recovery, with its market cap standing at $1,043,837 and its price at $0.001053 at the time of writing, marking a 57% increase in the last 24 hours.
The NORMIE token was launched during the frenzy of meme coin mania on Base in March 2024. It quickly gained traction and reached a peak market cap of $130 million on April 2. However, the exploit and subsequent events led to a significant decline in the token’s value and reputation within the cryptocurrency community.
The rise and fall of the Normie token serve as a cautionary tale for cryptocurrency investors and developers alike. The incident highlights the importance of robust security measures and proactive communication strategies in mitigating the impact of smart contract exploits and other vulnerabilities in the cryptocurrency space. As Normie continues its journey of recovery, it remains to be seen how the token will navigate the challenges ahead and regain the trust of its community.
