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Normie Memecoin Negotiates with Hacker to Recover Stolen Funds

The development team behind the meme coin project Normie (NORMIE) has announced they are negotiating with a hacker to recover 90% of the funds stolen
Normie Meme Coin Hacked

The development team behind the meme coin project Normie (NORMIE) has announced they are negotiating with a hacker to recover 90% of the funds stolen due to a smart contract vulnerability, which caused the token’s market capitalization to plummet.

Just hours after the hack, Normie’s market cap dropped by $41.7 million, from nearly $42 million to a mere $200,000.

On-chain analysis account Lookonchain was one of the first to identify the incident. The attacker later offered to return the funds to the project team through an on-chain message.

I offer to return 90% of the exploited ETH, keeping 10% as a bug bounty (with no reprisals). One condition: it, and the 600 ETH in the dev wallet, are used to fairly launch a new token that is used to reimburse NORMIE holders.

Normie’s X account was suspended for “violating X’s policies.” Seizing this opportunity, numerous fake accounts have been spamming X with phishing links disguised as “user refunds.”

Normie’s X account was suspended
Normie’s X account was suspended

The hacker further complicated matters by demanding the project relaunch the token before returning the stolen funds.

The hacker further complicated matters
The hacker further complicated matters

Dinho, an admin of the NORMIE Telegram group, stated that the project could not confirm when NORMIE token holders might recover their stolen funds. Dinho’s X account has also been suspended.

Within an hour of the hack, the NORMIE token’s value plummeted over 92% to $0.0032. In the following 90 minutes, the price dropped nearly 99.5%.

NORMIE price chart at 03:30 PM on May 27, 2024

Before the attack, NORMIE was one of the top meme coins on Base, with nearly 90,000 on-chain token holders, according to DEXTools data.

Crypto hacks are no stranger to the digital currency community. However, the good news from April is that losses from hacks hit their lowest point since 2021, with $25.7 million lost and total damages in April dropping by 141%.

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