Normie Memecoin Weighs Hacker Demands After 99% Token Crash
The development team behind the cryptocurrency Base memecoin Normie (NORMIE) has been in discussions with a hacker to retrieve 90% of the stolen funds. This situation arose from a smart contract vulnerability that caused a dramatic $41.7 million drop in the token’s market cap in under three hours. The breach was first noticed by the blockchain analytics firm, Lookonchain, which also highlighted the hacker’s proposal in an on-chain message to Normie’s deployer address on May 26.
Normie acknowledged the hacker’s proposal to recover the major portion of the pilfered NORMIE tokens. Despite the token’s value having plummeted by 96% due to the exploit, the hacker set forth a condition: the reclaimed tokens and an additional $2.3 million from the development team’s wallet must be used to launch a new token to compensate the NORMIE holders. Alongside this, the hacker demanded protection from any retaliatory actions in another on-chain correspondence.
“Yes, a re-launch will be necessary,” confirmed Normie’s team on a freshly created social media account after their main account was suspended. “This will be arranged once we regain access to our primary Twitter account and secure the funds from the exploit,” they added. This temporary account also faced suspension shortly after.
Reinforcing their conditions, the hacker insisted that a token re-launch should precede the funds’ return. The hacker reasoned that the development wallet benefited more than they did during the exploit and believed this was the only method to ensure that the funds would be used correctly.
One of the administrators of the official NORMIE Telegram group, identified as “Dinho,” couldn’t specify a timeline for when token holders might be refunded. Dinho’s account on social media was also suspended amid the ongoing chaos.
NORMIE’s price took a nosedive starting at 3:55 am UTC on May 26. Within just an hour, it had dropped more than 92% to $0.0032, as tracked by CoinGecko. There was a brief resurgence to $0.019, but the price continued its downward slide, eventually settling at $0.0016 at the time of reporting, which signifies a 96% decrease. Its market capitalization, having sunk to $200,000 from a previous high of $41.9 million, has seen some minor recovery.
According to the blockchain scam detection tool Quick Intel, approximately 72,000 NORMIE holders were affected by the smart contract vulnerability, first identified in March. The exact amount of funds stolen remains unclear.
Normie was launched in March 2024, during a surge of interest in memecoins on the Base platform. At its peak on April 2, the token achieved a market cap of $130 million, data from CoinGecko reveals. A recent investigation indicated that 91% of Base memecoins possess vulnerabilities that could lead to significant user losses, underscoring the precariousness of the present crypto landscape.
33 thoughts on “Normie Memecoin Weighs Hacker Demands After 99% Token Crash”
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Seriously? Talking to the hacker? This sounds more like a ransom than a recovery effort. It’s ridiculous and unprofessional.
Why should holders believe in a new token if they couldn’t protect the first one? Fool me once, shame on you. Fool me twice… 🤷♂️
The unwavering efforts of Normie to retrieve stolen funds and protect its users is truly commendable! Looking forward to seeing them bounce back!
Hackers dictating the terms now? Normies team has lost all control. Thats not how reputable projects should operate.
Kudos to Normie for addressing the exploit head-on and ensuring transparency with the community. Can’t wait for the relaunch! ” 🌟
Normie shows us what true commitment to a project looks like. Wishing them a smooth and successful recovery!
It’s inspiring to see Normie taking steps to fix the issue and protect their community. Good luck with the relaunch!
Shocking to see how easily the whole platform can collapse due to one vulnerability. Lesson learned: dont invest in impromptu crypto projects.
Being proactive and transparent is the way to go! Well done, Normie team! 🌟 Excited to see what’s next! ” 🎉
Communicating with a hacker who exploited your system sounds more like negotiation with terrorists. Just no.
Despite the market cap drop, it’s encouraging to see efforts being made to protect and compensate NORMIE holders.
Normie demonstrating resilience and transparency in times of trouble. Hats off to the team!
How do they even know the hacker will keep his word? Handing over more funds seems like a risky gamble. 🤯
This is a true test of resilience for Normie! Their efforts to reclaim the stolen funds highlight dedication to their holders.
The idea of relaunching a token after a massive failure like this seems pointless. Theyve already lost the communitys trust.
Impressive commitment from Normies team to bounce back from this setback! Excited for the token relaunch!
Kudos to Normie for acknowledging the issue and engaging with the hacker for a solution. Transparency is key!
Dinho can’t even specify a timeline for refunds? This shows how chaotic and disorganized the whole operation is. 🙄
The dedication from Normies team to address this issue is absolutely commendable. Let’s rebuild stronger!
Despite the setback, Normie’s team’s commitment to sorting this issue is truly praiseworthy. Onwards and upwards! ” 🚀
Ridiculous how they needed a temporary social media account which also got suspended. Total PR disaster.
Such a proactive approach from the Normie team! Inspiring to see them working hard to secure their users’ interests.
This weak response makes the dev team look like amateurs. They need to get their act together or NORMIE is doomed. 👎🏼
A huge round of applause to the Normie team for their transparency and swift actions! Best of luck with bouncing back!
Hats off to Normie’s development team for managing this crisis professionally. Looking forward to the new token!
This entire situation is a disaster! How can a development team allow such a vulnerability to exist in the first place? Complete incompetency.
Why would anyone trust a re-launched token? The entire incident screams mismanagement and failure.
Wow, it’s amazing to see the development team taking such quick action to retrieve the stolen funds. Let’s hope for a successful relaunch!
First a massive drop, then suspensions of social media accounts, and now a hacker making demands? I’m losing faith in Normie.
Great moves by the Normie team in negotiating with the hacker! Positive vibes for a speedy recovery!
Impressive negotiation skills by the Normie team! Hope they recover those funds soon!
The lack of foresight and security is appalling. 91% vulnerabilities? No wonder this happened. What a mess!
These conditions from the hacker are absurd. It’s blackmail, not a solution. This approach only further damages Normie’s credibility. 💔