FacebookTwitterLinkedInTelegramCopy LinkEmail
AltcoinsCrime and Investigations

Memecoin Plunges $41.7 Million Due to Smart Contract Vulnerability

Memecoin Plunges $41.7 Million Due to Smart Contract Vulnerability

Currently, the Normie (NORMIE) memecoin team is negotiating with a hacker who exploited a smart contract flaw and caused a dramatic drop of $41.7 million market cap within three hours.

Lookonchain which is a blockchain analytics company, they reported the exploit and sent an on-chain message to Normie’s deployer address from where they indicated that on 26th of May 90% cash stolen would be refunded by the hacker back to NORMIE Contract Owner (Normie’s deployer).

Normie has reportedly agreed to meet the hacker’s demands which entail receiving 90% of the tokens taken upon condition that a new token is issued for compensating NORMIE holders with an amount that had been stolen plus $2.3 million sourced from team’s development wallet. The hacker has not asked for any retaliatory measures.

Although it is acknowledged by Normie team that there should be a symbolic rebirth, they have faced challenges such as having problems with their temporary account or establishing what happened because its primary Twitter account was suspended.

READ MORE: Uniswap Plans New Fee Mechanism with On-Chain Vote

Before refunding the money, the token relaunch should precede in the view of the hacker who cites misuse of dev wallet funds.

From $41.9 million, the price of NORMIE dropped 96% after the hack to its current market value of $200,000. The attempts to recover include messages from “Dinho,” an administrator of the official NORMIE Telegram group as well as market swings.

Quick Intel’s developers, a blockchain scam detector, disclosed that 72,000 NORMIE holders might have suffered from the bug that was detected on March. During meme coin frenzy in March 2024 from Base’s was born NORMIE which hit $130 million on 2nd April.

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

Learn more about crypto and blockchain technology.