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Crypto’s Double-Edged Sword: NORMIE Token Exploited, MAGA Investor Profits Big

Crypto’s Double-Edged Sword: NORMIE Token Exploited, MAGA Investor Profits Big

CoineditionCoinedition2024/05/27 13:22
By:Victor Joel
  • 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.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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