Memecoin Trader Loses $1M in Normie Exploit

A hapless trader faced a devastating loss, parting with more than $1 million in digital assets due to an exploit involving the Normie memecoin. He had invested approximately $1.16 million to acquire 11.23 million Normie (NORMIE) tokens. This substantial investment drastically plummeted by over 99%, and its value shrank to a mere $150, reported a May 26th social media post by Lookonchain. According to Lookonchain, the trader bought the tokens at $0.1035 each between March 25th and April 9th and had held on to them without selling.

Normie is a memecoin native to the Base blockchain, which encountered a smart contract breach that severely crippled its market cap. The exploit eradicated more than $41.7 million from the token’s market capitalization in just three hours. This information was initially brought to light by Lookonchain in a May 26th post. Following the breach, Normie’s value nosedived over 96%, causing its market cap to hit rock bottom at around $200,000, as per CoinGecko data. A minor recovery began thereafter.

On May 27th, the Normie team purportedly struck a deal with the hacker responsible for the exploit. The agreement stipulated that 90% of the stolen tokens would be returned, on the condition that Normie would utilize these returned funds, in conjunction with $2.3 million from the team’s development wallet, to introduce a new token. This token would serve the purpose of compensating NORMIE token holders. The hacker insisted that this new token be launched prior to the return of the stolen assets, as noted in a blockchain message from the exploiter observed by Lookonchain.

The hacker stated their suspicions about the dev wallet, which they claimed earned more than them during the exploit. Consequently, they saw no other means to ensure appropriate use of those funds. The aftermath of this announcement saw social media platforms awash with phony Normie posts that falsely claimed to announce the new token’s relaunch. These fake posts sought to deceive individuals into clicking on fraudulent links.

The Normie smart contract breach, initially detected in March, impacted over 72,000 holders, as indicated by a May 26th post from Quick Intel, an on-chain analytics firm. Despite this setback, the memecoin trading community appears undeterred. Enthusiasts continue to invest in animal-themed cryptocurrencies, with traders seemingly unfazed by the events surrounding Normie.

One prime example is the frog-themed memecoin Pepe, which achieved a new peak value of $0.00001718 on May 27th. This marked a remarkable 75% increase over the preceding week, according to CoinMarketCap data. Despite their lack of intrinsic utility, memecoins are among the most volatile digital assets. This volatility has not deterred traders, some of whom are earning millions by skillfully navigating this risky market.

A noteworthy case from two weeks prior involved a sharp-witted trader who turned a $3,000 investment in Pepe into a staggering $46 million. This incredible return amounted to a 15,718-fold increase on their initial outlay. The resurgence of interest comparable to the GameStop saga further propelled Pepe’s price, benefiting astute traders.

While the Normie fiasco underscores the perilous terrain of memecoin trading, some investors continue to reap significant profits, illustrating both the high stakes and lucrative opportunities in this volatile market. The broader memecoin season appears to be in full swing, with traders seemingly undeterred by isolated incidents, as the flurry of activity continues unabated.

Ismail Bohon

Ismail Bohon

41 thoughts on “Memecoin Trader Loses $1M in Normie Exploit

  1. This is why I stay away from all these memecoins. Too risky! 🚫🚫

  2. Feeling so bad for this guy, but honestly, memecoin investing is reckless. πŸ˜”πŸš«

  3. Such high stakes, yet so easily lost. The crypto market is not for the faint-hearted.

  4. Putting all your eggs in one basket like this is a terrible idea. Invest smart!

  5. Heart goes out to the Normie investors, but the recovery plan sounds hopeful!

  6. Kudos to the Normie team for taking steps to compensate investors. This could turn things around! πŸŒŸπŸ‘

  7. Impressed by the Normie team’s response to the exploit! Heres to brighter days!

  8. Its amazing to see the memecoin community staying strong despite challenges. Keep hodling, folks!

  9. Props to the Normie team for their proactive approach! Integrating a new token for compensation is a smart move! πŸŒŸπŸ’‘

  10. The crypto world is unpredictable, but the Normie community’s resilience is truly inspiring! πŸŒŸπŸ‘

  11. Resilience and recovery! Cheers to the Normie team for taking positive steps forward!

  12. Crypto can be wild! Glad to see Normie taking steps to make things right!

  13. Poor guy lost everything because of unstable crypto. It’s heartbreaking. πŸ˜’πŸ’”πŸ’”

  14. Why do people keep falling for these scams? It’s outrageous. πŸ€¦β€β™‚οΈπŸ€¦β€β™€οΈ

  15. The crypto world is full of lessons. Heres hoping Normie’s recovery is swift and smooth!

  16. Such resilience from the Normie team! Negotiating 90% tokens back shows true commitment to their holders!

  17. Every investment has its risks, but the response from the Normie team is promising! Let’s hope for a bright future ahead!

  18. Amazing to see the recovery efforts in place! Normie team stepping up for their token holders!

  19. Hats off to the Normie team for striving to recover from the hack and compensate holders!

  20. Props to the Normie team for negotiating a recovery deal! Looking forward to seeing positive changes!

  21. The cryptosphere never fails to amaze. Despite the setbacks, the recovery efforts show great promise!

  22. I can’t believe this happened! Losing over a million dollars on a memecoin

  23. This story highlights the high stakes and high rewards of crypto! 🌟 Fingers crossed for Normie’s revival! πŸ€žπŸ“ˆ

  24. Memecoin enthusiasts are truly resilient! Normie might bounce back stronger!

  25. If the devs benefitted more than the hacker, something is seriously wrong here. βš οΈπŸ‘€

  26. This whole Normie situation shows how unregulated and risky the crypto world can be.

  27. The crypto community’s unwavering spirit is truly unmatched! Hoping for a swift Normie recovery!

  28. The crypto sphere can be harsh, but the communitys unwavering spirit is inspiring. Keep pushing forward, Normie holders!

  29. Hoping for the best for Normie and its token holders! The community continues to inspire!

  30. Every cloud has a silver lining! ☁️ Normie’s proactive measures could lead to an exciting comeback! πŸŒŸπŸ“ˆ

  31. What a twist in the tale! Heres to hoping Normie recovers and comes back stronger!

  32. Normie token disaster? More like a normie nightmare! 🌩️😀

  33. Loving the resolve of the crypto community! Normie might just bounce back even stronger! πŸš€πŸ“ˆ

  34. Memecoins are inherently volatile, but Normie’s comeback plan gives me hope! πŸŒˆπŸ“‰πŸ“ˆ

  35. Even in the face of adversity, the crypto community’s resolve is unshakeable!

  36. Despite the setback with Normie, the crypto community’s resilience is truly commendable! Stay strong, traders!

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