Trader Loses Over $1 Million in Normie Meme Coin Exploit

Trader Suffers Heavy Losses in Normie Meme Coin Exploit

A trader has lost over $1 million in digital assets due to an exploit involving Normie (NORMIE), a Base-native meme coin.

The victim invested $1.16 million in 11.23 million NORMIE coins, only to witness their value plummet by over 99% to a mere $150.

The exploit, detected on May 26, resulted in a loss of $41.7 million from Normie's market capitalization. The coin's value dropped over 96%, reaching a low of $200,000 before recovering slightly.

In response, the Normie team reportedly agreed to reimburse holders by launching a new token with funds recovered from the exploit and donations from the team's development wallet. However, social media has seen fraudulent posts promoting bogus tokens linked to the incident.

Despite this setback, meme coin trading remains active. Pepe, a frog-themed meme coin, recently hit an all-time high of $0.00001718.

While meme coins lack inherent utility and are highly volatile, some traders have profited significantly from their high-risk nature.

Disclaimer: This information does not constitute trading advice. Conduct independent research or consult a qualified professional before making any investment decisions.