As an experienced analyst, I believe that the Normie team’s decision to negotiate with the hacker is a calculated move aimed at minimizing losses and rebuilding investor confidence. The incident serves as a grim reminder of the vulnerabilities inherent in Base memecoins, where 91% of these projects were found to have exploitable flaws.
As a researcher studying the cryptocurrency market, I’ve observed a significant price drop of over 100% for NORMIE due to a smart contract exploit. The team behind the memecoin, Normie, is now considering negotiating with the hacker to recover approximately 90% of the stolen funds. This potential recovery plan has caused a substantial decrease in market capitalization, leading to a loss of around $41.7 million within just three hours.
The $NORMIE exploiter sent a message to Normie Deployer.The condition for returning 90% of the exploited ETH is that it and the 600 $ETH in the developer’s wallet are used to fairly launch a new token to reimburse $NORMIE holders. — Lookonchain (@lookonchain) May 26, 2024
As a blockchain analyst at Lookonchain, I uncovered the exploit and identified the malicious proposal put forth by the hacker. In response, Normie chose to comply with the hacker’s conditions, with the intention of making amends to NORMIE token holders. To do so, Normie planned on launching a new token using the ill-gotten funds and their development wallet.
As a researcher studying this cybersecurity incident, I can share that the hacker has made a demand for a token relaunch without any retaliation on their part, prior to returning the stolen funds. However, it’s important to note that the exact timeline for recovering the funds remains uncertain at this moment. Regrettably, the value of NORMIE took a drastic dive, plunging by 100% to hit a rock-bottom price of $0.000002529 from its peak of $0.06839. This unfortunate event has affected approximately 72,000 token holders, based on data from Coinmarketcap.
The occurrence highlights the weaknesses of Base memcoins, as 91% of them were discovered to contain exploitable vulnerabilities. Normie, which emerged during the memecoin craze, reached a peak market capitalization of $130 million back in April.
As a crypto investor, I chose to engage in talks with the hacker to retrieve my stolen funds, demonstrating a forward-thinking attitude aimed at minimizing damages and rebuilding confidence in the project.
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2024-05-27 09:08