NORMIE meme token crashed 99% after being hacked. The hacker returned the funds for the restart
On May 26, there was a hacker attack on the meme token Normie (NORMIE), as a result of which the value of the token fell by 99%. The market capitalization of the cryptocurrency fell from $41 million to $1.9 million.
According to journalist Colin Wu, the hacker exploited a vulnerability in the smart contract's tax mechanism to carry out an instant "lending attack." Later, the attacker, through an on-chain message, offered the Normie team to return 90% of the stolen funds. However, he set a condition - the launch of a new project that would compensate the losses of the affected traders.
According to journalist Colin Wu, the hacker exploited a vulnerability in the smart contract's tax mechanism to carry out an instant "lending attack." Later, the attacker, through an on-chain message, offered the Normie team to return 90% of the stolen funds. However, he set a condition - the launch of a new project that would compensate the losses of the affected traders.
“The [token] developers’ wallet earned significantly more than I did during this exploit. I have no other way to ensure that these funds are used properly,” the hacker wrote.
According to on-chain data, the Normie token developers' wallet holds approximately 823 ETH, which is equivalent to approximately $3.23 million. The team agreed to the hacker's proposal, but after that they deleted their X account. This may be due to preparations for the launch of a new project. Details of compensation have not yet been published.
Despite the fact that the hacker did not take all the funds, the LBank exchange reported suspicious deposits to NORMIE. Representatives of the exchange asked the token developers to contact and provide information about the addresses involved.
Despite the fact that the hacker did not take all the funds, the LBank exchange reported suspicious deposits to NORMIE. Representatives of the exchange asked the token developers to contact and provide information about the addresses involved.
Traders' losses
Analysts from Lookonchain reported that one of the NORMIE traders suffered losses exceeding $1 million.
From March 25 to April 9, one user invested $1.16 million to purchase 11.23 million NORMIE tokens at an average price of $0.1035 per token, but did not manage to sell them before the hack.
Security company Quick Intel reported that more than 72,000 Normie token holders were affected by the smart contract exploit.
Researchers said ShadowShield auditors identified a vulnerability in the token's smart contract back in March.
After the hacker offered to return the funds and launch a new project with the distribution of tokens for the victims, the X platform was filled with scammers. They distribute phishing links promising an “airdrop stamp.”
Let us recall that on May 21, an unknown person issued and withdrew 5 billion GALA tokens from the Gala Games Web3 gaming platform, which is equivalent to about $210 million. A day later, the burglar returned part of the funds.
Security company Quick Intel reported that more than 72,000 Normie token holders were affected by the smart contract exploit.
Researchers said ShadowShield auditors identified a vulnerability in the token's smart contract back in March.
After the hacker offered to return the funds and launch a new project with the distribution of tokens for the victims, the X platform was filled with scammers. They distribute phishing links promising an “airdrop stamp.”
Let us recall that on May 21, an unknown person issued and withdrew 5 billion GALA tokens from the Gala Games Web3 gaming platform, which is equivalent to about $210 million. A day later, the burglar returned part of the funds.
If you have become a victim of fraud, we advise you to read our article: How to return stolen funds and, of course, you should seek help from professionals.
We also remind you that you can check your crypto wallet for purity, perform AML address verification, track a transaction - this and more you can do in our Btrace solution. Free AML wallet verification for every new user.
We also remind you that you can check your crypto wallet for purity, perform AML address verification, track a transaction - this and more you can do in our Btrace solution. Free AML wallet verification for every new user.
Check blockchain address using Btrace
In seconds, determine the risk level of the counterparty’s address, find out the source of his funds and make an informed decision about interacting with him.
PREVENT FUNDS BLOCKING
PROTECT YOURSELF FROM SCAMMERS
AVOID TROUBLE WITH THE LAW
We also recommend