Despite recent gains in the meme coin market, the NORMIE coin faced a devastating exploit, causing its value to drop by more than 99% in a single day. This flash loan attack led the coin's market cap to crash from $182 million to just $110,000 in minutes.

Investor's Losses Soar

An investor's significant stake in $NORMIE saw a catastrophic decline. According to Lookonchain, the trader bought 11.23 million $NORMIE tokens for $1.16 million, averaging $0.1035 per token, between late March and early April. Post-exploit, these tokens are now worth less than $150. The investor has not sold any of the tokens since purchasing them.

Efforts to Recover Lost Funds

The NORMIE team is in talks with the hacker responsible for the exploit, aiming to retrieve 90% of the stolen funds. This attack resulted in a $41.7 million drop in the token's market cap within just three hours. The hacker has agreed to return most of the stolen tokens under certain conditions, including no reprisals and a token relaunch before returning the funds.

The NORMIE team plans to use the recovered tokens and $2.3 million from their development wallet to create a new token to compensate affected holders. They stated, "We will have to re-launch, yes. That will come after we get our main Twitter account back and after we get the funds from the exploiter." The hacker's demands include a token relaunch and no further actions against them.

Future Plans and Impact

Launched in March 2024, the NORMIE coin quickly gained traction. However, a vulnerability in its smart contract, discovered soon after, led to this significant exploit. Approximately 72,000 holders were impacted by this incident, according to Quick Intel, a blockchain scam detection tool.

In conclusion, while the NORMIE team works on recovering and relaunching, the incident highlights the risks associated with meme coins and the need for robust security measures. The efforts to negotiate with the hacker and compensate affected investors are ongoing, aiming to restore confidence in the coin.