Normie Token Plummets 99% After Smart Contract Exploit

The value of the Normie (NORMIE) token sunk by 99% within three hours after it was victim to a smart contract exploit, which temporarily dropped its market cap from $42 million to $200,000.

Following the exploit, the developers of the Base meme coin are in discussions with the individual responsible for the incident to reclaim 90% of the stolen funds.

The Hacker’s Offer

Blockchain analytics firm Lookonchain was the first to detect the exploit and the hacker’s offer.

The $NORMIE exploiter sent a message to Normie Deployer.

The condition for returning 90% of the exploited ETH is that it and the 600 $ETH in the developer’s wallet are used to fairly launch a new token to reimburse $NORMIE holders.https://t.co/vmrXdgFMa2 pic.twitter.com/L7UkVbxZOe

— Lookonchain (@lookonchain) May 26, 2024

In an on-chain message to Normie’s deployer address on May 26, the hacker offered to return 90% of the stolen NORMIE tokens, stipulating that the remaining 10% be kept as a bug bounty with no reprisals.

The hacker also demanded that the stolen funds, along with the 600 ETH worth approximately $3,900 in the team’s dev wallet, be used to launch a new token to reimburse NORMIE holders.

“We will have to re-launch, yes,” stated Normie’s team via a newly established X account following the suspension of their main one. “That will come after we get our main Twitter account back and after we get the funds from the exploiter,” Normie added. However, the temporary account was also suspended shortly after that.

Meanwhile, the hacker wouldn’t compromise on their strict terms, insisting that a token relaunch must precede the return of funds. “The dev wallet made significantly more than I did during this exploit, and I have no other way to ensure that those funds are used appropriately,” they stated in another on-chain message.

The Exploit’s Aftermath

Quick Intel, a blockchain scam detection tool, reported that the exploit impacted 72,000 NORMIE holders.

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