Experts have identified a token whose value has fallen by 99%

A large-scale hack of a cryptocurrency platform has been reported, leading to a 99% collapse of the token. The attacker found a vulnerability in the NORMIE smart contract, which allowed him to conduct an attack using an instant loan.

According to experts, the hacker withdrew a significant amount of funds and thus collapsed the NORMIE memcoin rate. As a result of the attack, the coin’s capitalization dropped by 99%, from $ 42 million to $ 200,000. According to CoinMarketCap, the price of NORMIE has dropped by 99.45% over the past day.

At the time of writing, the hacker who hacked NORMIE agreed to return 90% of the stolen tokens. The Lookonchain analytical platform was one of the first to pay attention to the hacker’s offer to return the money in ETH. In a message, he stated that he had a condition.

«I offer to return 90% of the stolen ETH and keep 10% as a reward. My condition is that this amount and another 600 ETH in the developer’s wallet will be used to launch the token fairly, which will compensate NORMIE owners ,» the attacker wrote.

In another message, the hacker asked the NORMIE team not to take any retaliatory action against him. It remains unclear how much money the attacker stole. The developers of the Quick Intel platform claim that at least 72,000 asset holders were affected by the hack.

NORMIE is a memecoin created with the second level (L2) Base network in mind. The project emerged in March 2024 during the hype around the coinage. The token team wants to attract people who have not yet dealt with the cryptocurrency market and have always stayed away from it.