Memecoins
Normie plunges 99% after corenet exploit
Normie, a meme coin based on Ethereum’s layer 2 network, suffered a severe exploit, causing its token value to drop by 99%.
The project team acknowledged the violation and accepted the attacker’s proposal to return the stolen assets.
Free fall in Normie’s market capitalization
An attacker exploited a vulnerability in Normie’s contract tax mechanism, leading a flash loan attack significantly increasing the meme coin’s token supply. This exploit caused a 99% drop in the token’s value while the market capitalization fell from around $41 million to around $1.3 million.
Lookonchain Underlines the serious impact on traders. The analyst noted that a trader whose $1.16 million investment in NORMIE is now worth less than $150. Likewise, many other token holders expressed their significant losses on the project’s official Telegram channel.
Meanwhile, crypto exchange LBank reported an influx of Normie token deposits, suggesting a link to the exploit.
“We have noticed a large number of unusual deposits of NORMIE tokens, possibly linked to an exploit. We invite the project team to contact us with details of the addresses involved and potential solutions,” LBank declared.
Learn more: Top 5 Crypto Security Vulnerabilities and How to Avoid Them
Normie market capitalization. Source: CoinGecko
It is interesting to note that the attacker Free to return 90% of stolen assets if the project launched a new token to compensate affected holders.
In response, Team Normie accepted this proposal and assured that there would be no retaliation. Additionally, the project stated that all ETH in its development wallet would be engaged in the recovery effort. On chain data shows that developer Normie’s wallet currently contains around 736 ETH, valued at around $11.7 million.
“Exploiter, we accept your offer to return 90% of the mined ETH. You can keep 10%, without retaliation. All $ETH from the normie development wallet will be used to rectify this situation and help us with our recovery,” the Normie team declared.
Learn more: 7 Best Core Chain Coins to Watch in 2024
Normie is a memecoin launched on Base in March during the coin frenzy which swept the blockchain network following the introduction of Dencun upgradesignificantly reducing fees for layer 2 Ethereum networks. The project appreciated some first successesreaching a market capitalization in excess of $100 million before this incident.
Disclaimer
In accordance with the Trust Project guidelines, BeInCrypto is committed to providing unbiased and transparent reporting. This news article aims to provide accurate and current information. Readers are, however, advised to independently verify the facts and seek professional advice before making any decision based on this content. Please note that our Terms and conditions, Privacy PolicyAnd Disclaimer have been updated.