NORMIE Token Crisis: Investor Loses Millions as Crypto Exploiter Offers Olive Branch

In the volatile world of cryptocurrencies, the recent activities surrounding the NORMIE token have captured the attention of investors and analysts alike. 

Lookonchain, a respected onchain analytics platform, has been closely monitoring these developments, providing crucial insights into the financial movements and strategic decisions impacting the NORMIE community.

An Unfortunate Turn for NORMIE Investors

Initially, the NORMIE token appeared to be a promising investment for crypto enthusiasts. According to Lookonchain, an investor made a significant purchase of 11.23 million NORMIE tokens, spending approximately $1.16 million between March 25 and April 9. The investment was made when NORMIE was priced at $0.1035 per token. 

However, the value of these tokens has drastically plummeted to less than $150 in total, reflecting a severe devaluation and a dire situation for holders.

Since $NORMIE was exploited, the 11.23M $NORMIE that this trader spent $1.16M to buy is now worth less than $150.

He spent $1.16M to buy 11.23M $NORMIE at $0.1035 from Mar 25 to Apr 9 and has held it until now without selling it.https://t.co/za6YaldkoZ pic.twitter.com/6lJRJsU2mq

— Lookonchain (@lookonchain) May 26, 2024

This dramatic decrease is primarily attributed to a recent exploit within the NORMIE token’s ecosystem, causing widespread uncertainty and financial losses. The sudden drop has not only affected high-volume traders but also smaller investors who were looking for stability and growth within the crypto market.

The Exploiter’s Offer: A Glimmer of Hope?

In an intriguing development, the individual responsible for exploiting the NORMIE token has proposed a conditional return of the stolen assets. A message sent to the NORMIE deployer, captured and reported by Lookonchain, reveals the exploiter’s terms: return 90% of the exploited Ethereum, keeping 10% as a purported bug bounty. 

Source: Lookonchain

The condition set forth requires the utilization of this returned Ethereum along with 600 ETH from the developer’s wallet to fairly launch a new token. This new token would serve the purpose of reimbursing the aggrieved NORMIE holders.

Notably, the situation with NORMIE raises broader questions about security, trust, and the regulatory environment surrounding cryptocurrencies. While the proposed solution by the exploiter offers a form of redress, it also underscores the challenges in governing and securing decentralized financial systems.