In the unpredictable realm of digital currencies, the recent events revolving around the NORMIE token have garnered the interest of both investors and experts.
Lookonchain, a reputable platform for onchain analytics, has been diligently observing these occurrences, offering valuable insights into the financial trends and pivotal decisions impacting the NORMIE community.
A Disheartening Twist for NORMIE Investors
Initially, the NORMIE token seemed like a lucrative venture for cryptocurrency enthusiasts. According to Lookonchain, an investor made a substantial purchase of 11.23 million NORMIE tokens, spending around $1.16 million from March 25 to April 9. This investment was made when NORMIE was valued at $0.1035 per token.
However, the worth of these tokens has drastically plummeted to less than $150 in total, indicating a significant devaluation and a distressing predicament 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 substantial decline is mainly attributed to a recent exploit within the NORMIE token’s ecosystem, leading to widespread uncertainty and financial setbacks. The sudden crash has impacted not only large-scale traders but also smaller investors seeking stability and growth in the cryptocurrency market.
The Offer from the Exploiter: A Ray of Hope?
In a captivating turn of events, the individual accountable for exploiting the NORMIE token has suggested a conditional return of the pilfered funds. A communication sent to the NORMIE deployer, intercepted and disclosed by Lookonchain, outlines the exploiter’s conditions: give back 90% of the misused Ethereum, while retaining 10% as a supposed bug bounty.
Source: Lookonchain
The stipulation put forward necessitates the use of the returned Ethereum alongside 600 ETH from the developer’s wallet to ethically introduce a new token. This fresh token would aim to compensate the affected NORMIE holders.
Significantly, the situation with NORMIE raises broader concerns about security, trust, and the regulatory framework encompassing cryptocurrencies. While the proposed resolution by the exploiter offers a form of restitution, it also emphasizes the complexities in governing and safeguarding decentralized financial systems.