The post Trader Loses Over $1 Million in Normie Meme Coin Exploit appeared on BitcoinEthereumNews.com.

A trader recently lost over $1 million worth of digital assets due to the Normie meme coin exploit. The trader 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 this trader spent $1.16M to buy is now worth less than $150. 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.https://t.co/za6YaldkoZ pic.twitter.com/6lJRJsU2mq — Lookonchain (@lookonchain) May 26, 2024 Normie, a Base-native meme coin, was hit by a smart contract exploit that slashed over $41.7 million from its market capitalization in just three hours. Lookonchain was the first to alert about the exploit in a May 26 post. Following the exploit, Normie’s value dropped over 96%, with its market cap hitting a low of around $200,000 before beginning a slight recovery, according to CoinGecko data. On May 27, the Normie team reportedly agreed to a deal with the hacker to return 90% of the stolen NORMIE tokens. This agreement required Normie to use the returned funds, along with $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 must 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…

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Filed under: News - @ May 29, 2024 1:28 pm