After a 100% plunge in the price of NORMIE following a smart contract exploit, the Normie memecoin team mulls negotiating with the accused hacker, in order to recover 90% of the stolen funds, causing a $41.7 million drop in market cap in under three hours.
Lookonchain, a blockchain analytics firm, detected the exploit and the hacker’s proposal. Normie agreed to the hacker’s terms, intending to reimburse NORMIE holders by launching a new token utilizing the stolen funds and their dev wallet.
The hacker, requesting no retaliation, insists on a token relaunch before returning the funds. However, the timeline for fund recovery remains uncertain. NORMIE’s value plummeted by 100%, reaching $0.000002529 from a peak of $0.06839, affecting 72,000 token holders, according to Coinmarketcap data.
The incident underscores the vulnerability of Base memecoins, with 91% found to have exploitable flaws. Normie, launched during a memecoin frenzy, peaked at a market cap of $130 million in April.
Normie’s decision to negotiate with the hacker to recover stolen funds reflects a proactive approach to mitigate losses and restore trust in the project. However, such attacks reflects poorly on the safety measures of Base memecoins and is likely to deter investors.
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