Normie Meme Token Plummets by 99%: A Detailed Look at the Exploit on Base
An unfortunate incident occurred yesterday at 12:00 am (UTC+2) that resulted in a catastrophic plunge of the memecoin Normie within the popular Base blockchain ecosystem. The cryptocurrency nosedived by 99% in just a matter of minutes following a severe exploit.
- A hacker targeted the token contract using the “swapAndLiquify” function to mint and sell new Normie coins.
- The malicious actor created unlimited tokens and flooded the market, causing a significant loss for Normie holders.
- Other projects within the Base ecosystem may also be affected as they may have forked the Normie contract.
The Aftermath of the Normie Token Exploit
The situation took a grim turn for Normie, which had previously thrived during the meme season, reaching a market capitalization of over 100 million dollars. However, at the time of the exploit, the coin’s market capitalization plummeted to a mere 44 million dollars, leaving investors reeling from the aftermath.
- Normie, once hailed as a “blue chip” token in the Base ecosystem, was highly regarded by the community for its meme content production.
- Unfortunately, Normie’s official account on a platform was suspended post-exploit.
- An anonymous user on ‘4chan’ had forewarned about the impending exploit, signaling premeditation.
The Hacker’s Proposal and Developer’s Dilemma
Following the exploit, the hacker involved in the incident offered to return 90% of the stolen funds and leave 10% as a “bounty” on the condition of non-pursuance by the Normie team. Additionally, the hacker requested the developers to utilize 600 ETH from their own wallets to launch a new token for compensating Normie token holders.
- The developers, in possession of a wallet holding 614 ETH amounting to 2.3 million dollars, are currently in negotiations with the hacker.
- Despite the potential launch of a new token, the recovery for investors impacted by the exploit remains uncertain.
- The community awaits updates and an official statement from the Normie team post-exploit.
Market Trends and Recovery Prospects
The exploit could signify the end of the meme season on Base, which garnered significant attention from Degen investors in March and April. Consequently, several Base-based coins witnessed substantial dips except for Brett and Degen, which displayed positive performance amidst the turmoil.
- Top memecoins like Floki, Bonk, and Pepe outside of the Base ecosystem are demonstrating resiliency and poised for new all-time highs.
Hot Take: Reflecting on Normie’s Downfall and the Future of Memecoins
Yesterday witnessed the unexpected collapse of the Normie memecoin, leaving investors reeling from a harrowing exploit that wiped out significant market capitalization. The aftermath of the exploit underscores the vulnerabilities in the crypto space and the challenges faced by projects in maintaining trust and stability.
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