Normie Meme Coin Market Cap Plummets 99% Following Exploit
Normie, a popular meme coin, has recently experienced a devastating exploit that resulted in a staggering 99% drop in its token value. The exploit took advantage of a vulnerability in Normie’s contract tax mechanism, allowing the attacker to conduct a flash loan attack that significantly increased the token supply. As a result, the market capitalization of Normie plummeted from approximately $41 million to just around $1.3 million.
Traders have been heavily impacted by this incident, with one investor seeing their $1.16 million investment in NORMIE now worth less than $150. Many token holders have expressed their frustrations and substantial losses on the project’s official Telegram channel. Crypto exchange LBank has also reported a high number of Normie token deposits, potentially linked to the exploit.
Interestingly, the attacker has proposed returning 90% of the stolen assets if the project launches a new token to compensate affected holders. In response, the Normie team has accepted this offer, assuring there will be no reprisals. They have also pledged to commit all the ETH in their development wallet, currently valued at approximately $11.7 million, to aid in the recovery effort.
Normie, launched on Base in March during the meme coin frenzy, had enjoyed early success, reaching a market capitalization of over $100 million prior to this unfortunate incident. While the exploit has caused significant damage, the team remains optimistic about rectifying the situation and eventually relaunching the project.