Normie, a memecoin, experiences a significant setback as a smart contract vulnerability results in the theft of funds, leading to a staggering $41.7 million plunge in its market capitalization within a mere three hours. The exploit is swiftly identified by Lookonchain, prompting the team to engage in negotiations with the hacker responsible for the theft. Despite accepting the hacker’s offer to return 90% of the stolen funds, Normie faces a precipitous 96% decline in price as investors react to the breach of security.
Amidst the chaos, discussions emerge regarding the possibility of a token relaunch, with the stolen funds potentially utilized to reimburse NORMIE token holders. However, uncertainties loom regarding the timeline for fund recovery and the feasibility of launching a new token amidst the fallout from the security breach. Meanwhile, the hacker asserts strict conditions, insisting on no reprisals and emphasizing the need for a token relaunch prior to returning the stolen funds, further complicating the situation for Normie and its stakeholders.
The severity of the breach becomes evident as Normie’s market capitalization plummets from $41.9 million to a mere $200,000, underscoring the magnitude of the financial losses incurred due to the exploit. Despite sporadic attempts at price recovery, Normie continues to face downward pressure, with its market cap struggling to rebound from the massive decline. The incident serves as a stark reminder of the inherent risks associated with cryptocurrency investments, particularly in the volatile world of memecoins, where security vulnerabilities can have devastating consequences for investors and project viability alike.
