Normie, a meme coin on Ethereum’s Layer 2 community Base, skilled a extreme exploit, inflicting its token worth to plummet by 99%.
The venture’s workforce 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 prompted 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 influence on merchants. The analyst famous {that a} dealer whose $1.16 million funding in NORMIE is now value lower than $150. Equally, many different token holders expressed their vital losses on the venture’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 seen a lot of uncommon NORMIE token deposits, probably linked to an exploit. We urge the venture workforce to contact us with particulars concerning the addresses concerned and potential options,” LBank stated.
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Curiously, the attacker has offered to return 90% of the stolen belongings if the venture launched a brand new token to compensate affected holders.
In response, the Normie workforce accepted this proposal and guaranteed there can be no reprisals. Moreover, the venture said that each one the ETH in its growth pockets can be dedicated to the restoration effort. On-chain data reveals that the Normie developer pockets at the moment holds about 736 ETH, valued at roughly $11.7 million.
“Exploiter, we settle for your supply to return 90% of the exploited ETH. Chances are you’ll hold 10%, no reprisals. All $ETH from the normie dev pockets can be used to rectify this example and help in our relaunch,” Normie’s workforce stated.
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Normie is a memecoin launched on Base in March in the course of 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 venture had loved some early successes, reaching a market capitalization exceeding $100 million earlier than this incident.
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