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The memecoin market achieved significant gains this month, but a memecoin named Normie (NORMIE) suffered a catastrophic hack attack that caused it to lose more than 99% of its value in a single day. Following the attack, NORMIE’s market value plummeted from $182 million to $110,000 within minutes.
Investor’s $1.16 Million Drops to $150
According to on-chain data provider Lookonchain, an investor’s significant investment in NORMIE drastically diminished. The investor spent $1.16 million to purchase 11.23 million NORMIE tokens at $0.1035 each between March 25 and April 9, but due to the hack, the value of these assets is now below $150.
The investor did not sell any of the tokens since the purchase, resulting in a significant financial loss.
Negotiations with Hacker Begin
The team behind the Base-based memecoin Normie started negotiations with the hacker to recover 90% of the stolen funds. An attack exploiting a smart contract vulnerability caused a dramatic $41.7 million drop in the token’s market value within three hours. Despite the token’s price dropping 96% since the attack, the agreement with the hacker includes the return of 90% of the stolen NORMIE tokens.
Recovery plan involves using the returned funds and $2.3 million from the team’s development wallet to launch a new token. This new token aims to compensate NORMIE investors for their losses. The hacker also stipulated that no retaliation would occur as part of this agreement, highlighting the sensitive nature of negotiations following such attacks.
The Normie team acknowledged the need for a restart after regaining control of their main X accounts and securing the funds from the hacker. The hacker insisted on a token relaunch before returning the stolen funds, adding another layer of complexity to the recovery process.
As known, NORMIE was launched in March 2024. The creators of the blockchain fraud detection tool Quick Intel estimate that approximately 72,000 NORMIE holders were affected by the smart contract vulnerability first identified in March. The significant number of affected users underscores the impact of the vulnerability and the urgent need for effective recovery measures.
