Normie, a meme coin on Ethereum’s Layer 2 community Base, skilled a extreme exploit, inflicting its token worth to plummet by 99%.
The undertaking’s crew acknowledged the breach and agreed to the attacker’s proposal to return the stolen belongings.
Normie’s Market Capitalization Free Falls
An attacker exploited a vulnerability in Normie’s contract tax mechanism, conducting a flash mortgage assault drastically growing the meme coin’s token provide. This exploit induced a 99% drop within the token’s worth whereas the market cap from roughly $41 million to round $1.3 million.
Lookonchain highlighted the extreme affect on merchants. The analyst famous {that a} dealer whose $1.16 million funding in NORMIE is now price lower than $150. Equally, many different token holders expressed their important losses on the undertaking’s official Telegram channel.
In the meantime, crypto alternate LBank reported an inflow of Normie token deposits, suggesting a connection to the exploit.
“We’ve noticed a large number of unusual NORMIE token deposits, possibly linked to an exploit. We urge the project team to contact us with details about the addresses involved and potential solutions,” LBank acknowledged.
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Curiously, the attacker has provided to return 90% of the stolen belongings if the undertaking launched a brand new token to compensate affected holders.
In response, the Normie crew accepted this proposal and warranted there could be no reprisals. Moreover, the undertaking acknowledged that each one the ETH in its improvement pockets could be dedicated to the restoration effort. On-chain knowledge exhibits that the Normie developer pockets at the moment holds about 736 ETH, valued at roughly $11.7 million.
“Exploiter, we accept your offer to return 90% of the exploited ETH. You may keep 10%, no reprisals. All $ETH from the normie dev wallet will be used to rectify this situation and assist in our relaunch,” Normie’s crew acknowledged.
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Normie is a memecoin launched on Base in March throughout the meme coin frenzy that swept the blockchain community following the introduction of the Dencun Improve, drastically lowering charges for Ethereum layer-2 networks. The undertaking had loved some early successes, reaching a market capitalization exceeding $100 million earlier than this incident.
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