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Normie Hack: Leading Meme Coin On Base Exploited Leaving Investors Down Bad

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Amidst a market flooded with meme coins susceptible to rug-pulling, could the 99BTC Learn2Earn presale be the ideal flight-to-utility opportunity?

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?

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.

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?

Amidst a market flooded with meme coins susceptible to rug-pulling, could the $99BTC Learn2Earn presale be the ideal flight-to-utility opportunity?

(DEFILLAMA)

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.

Our 99BTC presale has just hit $1.6 million in raised funds to become the market leader in the ‘Learn-to-Earn movement.

Crypto has seen lots of success with Play-to-Earn and Move-to-Earn models, amassing a staggering $8.9 billion market value in 2023.

Now, 99Bitcoins is pioneering the next evolution of rewards with Learn-to-Earn.

By progressing through an extensive curriculum and participating in the 99Bitcoins community, investors can earn 99BTC tokens.

Token rewards can be used to view premium content and trading signals, access discounts on partner products and services, and trade on-chain.

As well as this, 99BTC has a staking protocol that is already live. You can purchase your presale tokens and instantly stake them, earning rewards before the token goes live on DEXs and CEXs alike.

Buy 99BTC Here

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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.

Alex is an aspiring writer focusing on the more degen side of the crypto world. Always on the lookout for the next hot narrative.

View all Posts by Alex

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