Markets
Normie plummets 99% after exploitation on the basic network
Normie, a meme coin on Ethereum’s Layer 2 Base network, has suffered severe exploitation, causing its token value to plummet 99%.
The project team recognized the violation and agreed to the attacker’s proposal to return the stolen goods.
Normie Market Capitalization Freefalls
An attacker explored a vulnerability in Normie’s contractual tax mechanism, driving a rapid lending attack, drastically increasing the meme coin’s token supply. This exploit caused a 99% drop in the token’s value, while the market cap dropped from approximately $41 million to around $1.3 million.
Lookonchain highlighted the serious impact on traders. The analyst noted that a trader whose $1.16 million investment in NORMIE is now worth less than $150. Similarly, many other token holders have expressed their significant losses on the project’s official Telegram channel.
Meanwhile, cryptocurrency exchange LBank reported an influx of Normie token deposits, suggesting a connection to the exploit.
“We have observed a large number of unusual deposits of NORMIE tokens, possibly linked to an exploit. We ask the project team to contact us with details about the addresses involved and possible solutions”, LBank stated.
See more information: Top 5 Cryptographic Security Flaws and How to Avoid Them
Normie market capitalization. Source: CoinGecko
Interestingly, the attacker offered return 90% of stolen assets if the project launched a new token to compensate affected holders.
In response, the Normie team accepted the proposal and assured that there would be no reprisals. Furthermore, the project stated that all ETH in its development portfolio would be committed to the recovery effort. On the network data shows that developer Normie’s wallet currently holds around 736 ETH, valued at approximately $11.7 million.
“Explorer, we accept your offer to return 90% of the explored ETH. You can keep 10%, without reprisals. All $ETH from the normie development wallet will be used to rectify this situation and help with our relaunch,” said the Normie team. stated.
See more information: 7 Best Base Chain Meme Coins to Watch in 2024
Normie is a memecoin launched on Base in March during the meme coin frenzy that swept the blockchain network after the introduction of Dencun Updatedrastically reducing fees for Ethereum layer 2 networks. The project liked some early successesreaching a market capitalization of over US$100 million before this incident.
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