The recent developments surrounding the NORMIE token in the volatile world of cryptocurrencies have garnered significant attention from investors and analysts. Lookonchain, a respected onchain analytics platform, has been closely monitoring these activities and providing crucial insights into the financial movements and strategic decisions affecting the NORMIE community.
Unfortunately, NORMIE investors have experienced an unfortunate turn of events. Initially, the NORMIE token seemed like a promising investment for crypto enthusiasts. However, according to Lookonchain, an investor purchased a substantial amount of 11.23 million NORMIE tokens, spending around $1.16 million between March 25 and April 9. This investment was made when NORMIE was priced at $0.1035 per token.
However, the value of these tokens has dramatically plummeted to less than $150 in total, indicating a significant devaluation and a dire situation for holders. The exploit of $NORMIE has caused the 11.23 million tokens that the trader bought for $1.16 million to now be worth less than $150. The investor has held onto these tokens without selling them since the purchase.
This sudden decrease in value can be attributed to a recent exploit within the NORMIE token’s ecosystem, resulting in widespread uncertainty and financial losses. This drop has not only impacted high-volume traders but also smaller investors who were seeking stability and growth in the crypto market.
In an intriguing twist, the person responsible for exploiting the NORMIE token has offered a conditional return of the stolen assets. Lookonchain captured and reported a message sent to the NORMIE deployer, revealing the exploiter’s terms. The proposal states that 90% of the exploited Ethereum should be returned, while the exploiter retains 10% as a bug bounty.
To meet this condition, the returned Ethereum, along with 600 ETH from the developer’s wallet, must be used to launch a new token fairly. This new token would serve the purpose of compensating the affected NORMIE holders.
The situation with NORMIE raises broader concerns about the security, trust, and regulatory environment surrounding cryptocurrencies. While the exploiter’s proposed solution offers a form of redress, it also highlights the challenges involved in governing and securing decentralized financial systems.