The Normie hack on Base comes as market flooded with meme coins susceptible to rug-pulling, could the 99BTC Learn2Earn presale be the ideal flight-to-utility opportunity?
Over the weekend, Normie, a leading meme coin on the base chain, was exploited. This exploit resulted in the token going from being a $50 million market cap token to less than $1,000 as of right now.
Before the hack, Normie was seen as a market leader in the meme coin space on Base, alongside BRETT.
To quantify the scale of Normie, the holder count is around 90,000 and it was consistently processing over $4 million in volume daily.
Normie being exploited has shaken the Base ecosystem with nearly every other meme coin experiencing sell-offs in response to one of the ‘big boys’ going down.
What Happened To Leading Base Meme Coin Normie?
Regarding the recent exploit of $NORMIE on base, here's a simple breakdown of how the exploiter managed to take advantage of a "flaw" in the contract:
1/5 🧵 pic.twitter.com/dKNgIK9Rvx
— Profound Watcher (@ProfoundWatcher) May 26, 2024
A ‘backdoor’ was coded into the Normie contract, which essentially created a mint function for a bad actor. It is strongly suggested that this was intentionally done as the function in question has 0 use outside of those with bad intentions.
In semi-layman’s terms, the hacker minted 5 million Normie tokens using the exploit and instantly dumped them onto the market.
The exploit also allowed the hacker to then buy Normie tokens for 0 cost so as traders were buying the dip, so was the hacker. They continued to buy Normie for nothing and dumped the chart to zero.
What Next For Normie Price After Exploit?
The team quickly addressed the situation and announced a snapshot for a future airdrop of a new Normie contract.
The dev wallet was still said to have 600 ETH, and in a crazy turn of events, the Normie team posted to say that they had been in contact with the exploiter.
The exploiter apparently agreed to return 90% of the funds on the condition that the Normie team use the dev wallet to launch a new token.
This memecoin went from $41m to $35k mcap in minutes last night
The exploiter agreed to return 90% of the funds if the $NORMIE team uses their 600 $ETH dev wallet to launch a new token pic.twitter.com/VcMu1f3e4G
— borovik (@3orovik) May 26, 2024
As of right now, the Normie Twitter account has been suspended due to mass reporting from angry investors.
The team has also restricted the ability to send messages in the Telegram group as they try to get a handle on the situation. Until the Normie communication channels open back up, it is currently unclear how this situation will be resolved.
99BTC Presale – Utility Projects Back On The Menu?
The Normie exploit has put fear and uncertainty into degen investors. This coupled with Ethereum on-chain volume continuing to rise is seeing a market-wide revival in utility projects.
Volume across the Ethereum network is up nearly 90% on the week and has over double the 24 hour volume of closest rival Solana.
With Solana being the home of meme coins and Ethereum more known for utility plays this only strengthens the argument that meme coins have taken a hit.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
