Trader Loses Over $1 Million in Normie Meme Coin Exploit
Release: 2024/05/29 17:24 Reading: 919
A trader lost over $1 million worth of digital assets in the Normie meme coin exploit.
The trader had invested $1.16 million in 11.23 million Normie (NORMIE) meme coins, only to see his investment plummet by over 99% to a mere $150, as reported by Lookonchain on May 26:
"He spent $1.16M to buy 11.23M $NORMIE at $0.1035 from Mar 25 to Apr 9 and has held it until now without selling it."
Since $NORMIE was exploited, the 11.23M $NORMIE that the trader bought is worth less than $150.
Normie, a Base-native meme coin, was hit by a smart contract exploit that slashed over $41.7 million from its market capitalization in three hours. Lookonchain first alerted about the exploit on May 26.
Normie's value dropped over 96%, with its market cap hitting a low of around $200,000 before a slight recovery, according to CoinGecko data.
On May 27, the Normie team reportedly agreed to return 90% of the stolen NORMIE tokens to the hacker.
Normie is to use the returned funds and $2.3 million from the team's development wallet to launch a new token to reimburse NORMIE holders.
The hacker stipulated that the token launch happen before they return the stolen funds, as conveyed in a blockchain message seen by Lookonchain.
READ MORE: Traders Cautious About Ether's Price Movement Post Spot ETF Launch Despite Bitcoin's Previous Downturn
"The dev wallet made significantly more than I did during this exploit, and I have no other way to ensure that those funds are used appropriately."
Fake Normie posts flooded social media, falsely announcing the new token's relaunch to trick users into clicking fraudulent links.
Over 72,000 Normie holders were affected by the smart contract exploit, initially detected in March, according to a May 26 post by on-chain analytics firm Quick Intel.
Despite the setback, meme coin trading continues unabated, with traders buying animal-themed cryptocurrencies.
Frog-themed meme coin Pepe hit a new all-time high of $0.00001718 on May 27, rising over 75% in the past week, according to CoinMarketCap data.
Meme coins, lacking intrinsic utility, are highly volatile digital assets. However, some traders profit from this high-risk market.
Two weeks ago, a Pepe trader turned $3,000 into $46 million, achieving a return of over 15,718 times his initial investment, aided by the resurgence of the GameStop saga.
Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Recent news
More>- Next Bonk? Dogen on Track for 15,000% Gains by 2025 – Don’t Miss the Rocket! 11-28
- PEPE Now Available for New York Users to Trade on Coinbase 11-28
- Tether Discontinues Support for EURT Stablecoin: Here’s Why 11-28
- Best Trending Meme Coins in December 2024: 6.5 Billion Coins Sold in BTFD Coin’s Ongoing Presale, Pepe Coin and Ponke on the Rise 11-28
- As Top Cryptos Recover After Recent Dip, New Meme Coin Pepe Unchained’s Unstoppable Presale Powers Ahead — Only 16 Days Left 11-28
- As Top Cryptos Recover After Recent Dip, New Meme Coin Pepe Unchained’s Unstoppable Presale Powers Ahead — Only 16 Days Left 11-28
- As Top Cryptos Recover After Recent Dip, New Meme Coin Pepe Unchained’s Unstoppable Presale Powers Ahead — Only 16 Days Left 11-28
- Missed PEPE? Don’t Miss Out on This New Token That’s Breaking Records at Lightning Speed 11-28
- CHILLGUY meme coin could be at risk as smart money sells 11-28
Selected Topics
More>>-
- pepecoin Price Analysis
- This topic provides articles related to PepeCoin price, covering key PepeCoin insights and analysis
-
- pepe:meme star
- This topic provides articles related to the most promising meme, PEPECOIN, a project with the potential to become a mainstream digital currency. It has the advantages of decentralization, reliability, ease of use, fast speed, low cost and scalability, and is expected to be more widely used in the future
-
- pepecoin price prediction
- We’ve gathered facts about pepecoin’s success story and provided a pepecoin price prediction
Selected Articles
More>>- 1 Avalanche and Aptos rival raises over $600k in 2 weeks
- 2 Crypto Prices Today: Market Continues Rally With BTC, Pepe Coin, SEI Rising
- 3 Major Analyst Crypto Tony Bullish on These Meme Coins, But One Stands Out
- 4 MTAUR Ready to Crush DOGE and PEPE: 100x Price Growth Incoming?
- 5 Memecoins Surge in 2024, Popcat Leads with 7,621% YTD Gain, Outshining Top Crypto Tokens
- 6 PEPE Meme Coin Smashes ATH – See How Much an $83 Investment in Pepe Coin Last Year is Worth Now
- 7 Top 4 Altcoins At 70% Discounts – Last Chance!
- 8 Dogecoin Creator Proposes DOGE to NBA Legend Scottie Pippen
- 9 Top Analyst Who Predicted Dogecoin (DOGE) Last 170x Rally Forecasts New Parabolic Rise, Here’s His Price Target
- 10 New Solana Memecoin Trump Loves Elon to Rally 15,000% Before Exchange Listing, SHIB and Bonk Crash
ABOUT US
We are building the most influential，trusted information platform for aglobal community engaged in thd transformation of the financial system andthe emerging crypto economy.PEPE is an integrated platform for media,events,data & indices for the next generation fo investing and the future of money.
Get in touch with the PEPE team at admin@pepecoinbuy.com