Normie Memecoin Project Terminates Intern Following Offensive Video, Issues Apology for Content
Normie, a memecoin initiative developed on Coinbase’s Base blockchain, took down a controversial video shared on its official X account by dismissing the intern responsible on June 10.
The promotional video, featuring a blue-skinned animated chef with exaggerated full lips dancing, received criticism from the crypto community for being offensive.
Normie issued an apology for the video, stating that the intended message was to highlight the idea that positive change starts with oneself even in challenging situations, but acknowledged that the execution inadvertently touched on a sensitive topic.
In response to the backlash, Normie’s team expressed regret for the incident and apologized to those who were offended by the content.
One user questioned the decision to blame the intern in a comment on X, asking if the intern had created and posted the video independently or if the team had approved it.
NORMIE Memecoin Experiences 96% Drop After Flash Loan Attack on Base Blockchain
NORMIE’s market capitalization peaked at $130 million on April 2, but plummeted by over 99% on May 26 at 3:55 am UTC following a flash loan attack.
The attack exploited a vulnerability in Normie’s contract tax system, allowing the attacker to borrow a significant amount of cryptocurrency without collateral, manipulate the token supply, and repay the loan in the same transaction.
After the exploit, the Normie project team revealed that the hacker had been in contact and agreed to return 90% of the stolen funds.
Accepting the hacker’s terms, Normie utilized the returned assets along with $2.3 million from their development wallet to launch a new token to compensate NORMIE holders.
Addressing the hacker, the team stated, “We acknowledge your offer to return 90% of the misused $ETH. You may retain 10% with no repercussions.”
Despite the agreement, NORMIE’s value has dropped by 96% since the attack.
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