- NORMIE has declined by around 90%.
Developers have agreed to a relaunch.
As an experienced analyst, I’ve seen my fair share of cryptocurrency projects experiencing significant setbacks due to exploits and hacks. The recent incident involving Normie crypto [NORMIE] has left a sour taste in the mouths of investors who were caught off guard by this unexpected turn of events.
Recently, there was a major security breach in Normie crypto, resulting in a substantial decrease in the value of its token and market capitalization.
The term “Normie” denotes regular folks, and following recent market downturns, even investors have joined their ranks by experiencing losses and becoming similar to ordinary people in terms of their portfolios.
Hackers strike Normie crypto
On the 26th of May, NORMIE crypto holders experienced a sudden and significant loss in value for their coins within just a few minutes.
As an analyst, I’ve identified that the recent decline in performance was the result of a calculated assault by an unknown cybercriminal. This individual took advantage of a vulnerability in NORMIE‘s contract tax mechanism and carried out a flash loan attack to exploit it.
Through this arrangement, they were able to secure a substantial loan without putting up any collateral. Additionally, they managed to adjust the token’s supply and pay back the debt in a single transaction.
The individual gained control of 5 million tokens, which came with the required authorization, and subsequently used a flash loan to repeatedly add tokens to the contract until they were able to empty it.
The hackers discovered a loophole in the token’s contract related to taxes, enabling them to mint and release additional tokens beyond the originally planned billion-token supply.
Following the attack, the hacker made some interesting demands.
Normie crypto hacker tables demands
The hacker communicated through a blockchain message to the Normie crypto group, outlining conditions for restoring a segment of the stolen funds. They proposed returning 90% of the funds and keeping 10% as reward money for discovering the security flaw, without any retaliation.
The condition for getting my funds back was that the 600 ETH in the development wallet be used to launch a new token fairly and in the interest of NORMIE holders. Based on reports, the Normie developers have agreed to go ahead with this bounty offer.
At the time of this writing, 600 ETH was worth over $2.3 million based on the current price.
The hacker noted that the Normie crypto contract was built using a template and expressed concern that it hadn’t undergone thorough examination.
As an analyst, I’ve observed that numerous memecoins share common coding structures. This discovery implies that a noteworthy percentage of these memecoins could be susceptible to comparable forms of cyberattacks.
Normie sees a sharp fall
As a cryptocurrency market analyst, I conducted an in-depth examination of Normie’s price trends. On May 26th, I identified a shocking 66.49% plunge in the crypto’s value. This significant downturn aligned with the reported hack that transpired during that timeframe.
The price dropped dramatically from about $0.04 to just under $0.014. Currently, this downward trend has continued, causing a decrease of more than 23% overall, leading to approximately a 90% price reduction within the past 24 hours.
Normie was trading at approximately $0.011.
The significant drop in price led to a dramatic decrease in the market capitalization, bringing it down to approximately $2.9 million from its earlier value exceeding $40 million.
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2024-05-27 21:11