Coin Edition -
- NORMIE exploit caused a trader’s $1.16M investment to plummet to less than $150, highlighting high crypto risks.
- Another trader gained $2.7M from MAGA tokens, achieving a remarkable 505% ROI by selling 1.5 billion tokens in three days.
- NORMIE’s development team negotiated with the hacker to return 90% of stolen funds, planning a new token to reimburse holders.
Lookonchain, a blockchain analytics firm, recently reported two contrasting developments involving different cryptocurrencies, highlighting the volatility and risks inherent in the digital asset market. A NORMIE exploit has resulted in substantial losses for one trader, whereas another trader secured impressive gains from trading MAGA.
A trader who invested $1.16 million to purchase 11.23 million NORMIE tokens, buying at $0.1035 each between March 25 and April 9, saw its value plummet to a meager $150 following an exploit. NORMIE’s price fell sharply to $0.000003, marking a 98.69% drop in just 24 hours, with a 24-hour trading volume of $5.82 million. The exploit led to a precipitous decline, highlighting the risks associated with cryptocurrency investments.
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
Conversely, Lookonchain identified a lucrative trade involving MAGA tokens. On May 24 and 25, a trader invested $537,500 to acquire 6 billion $MAGA tokens. In just three days, the trader sold 1.5 billion MAGA tokens for $744,000 USDT, realizing a remarkable ROI of 505%. The trader still holds 4.5 billion $MAGA tokens, now valued at $2.51 million. MAGA’s price surged by 100.55% in the last 24 hours.
In just 3 days, this trader made $2.7M by trading $MAGA, with an ROI of 505%!He spent $537.5K to buy 6B $MAGA on May 24 and May 25, then sold 1.5B $MAGA for 744K $USDT to take profits 10 minutes ago.He currently holds 4.5B $MAGA, worth $2.51M.https://t.co/KaRYLuELKN pic.twitter.com/Pgd5hKVpc5— Lookonchain (@lookonchain) May 27, 2024
The situation surrounding NORMIE took another turn when the development team revealed negotiations with the hacker responsible for the exploit. The hacker offered to return 90% of the stolen funds, resulting in a $41.7 million plunge in the token’s market cap within three hours. Lookonchain was one of the first to detect the exploit and the hacker’s on-chain message to NORMIE’s deployer address on May 26.
NORMIE’s team accepted the hacker’s offer to retrieve 90% of the stolen tokens. The condition was that the recovered funds and $2.3 million from the team’s development wallet would be used to launch a new token to reimburse NORMIE holders. This approach aims to mitigate the impact on investors and restore some of the lost value, although the token has already seen a 96% decline since the exploit.
The post Crypto’s Double-Edged Sword: NORMIE Token Exploited, MAGA Investor Profits Big appeared first on Coin Edition.