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HomeCrypto GamingDouble-Edged Sword of Cryptocurrency: Use of NORMIE Token, Large Earnings of MAGA...

Double-Edged Sword of Cryptocurrency: Use of NORMIE Token, Large Earnings of MAGA Buyers

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  • The abuse of NORMIE induced the dealer's $1.16 million funding to drop to lower than $150, highlighting the excessive crypto dangers.
  • One other dealer raised $2.7 million in MAGA tokens and achieved a outstanding 505% ROI by promoting 1.5 billion tokens in three days.
  • The NORMIE growth staff negotiated with the hacker to return 90% of the stolen funds and deliberate a brand new token that might pay out cash to holders.

Lookonchain, a blockchain analytics agency, just lately reported two conflicting developments involving varied cryptocurrencies that highlighted the volatility and dangers related to the digital asset market. Abusing NORMIE resulted in vital losses for one dealer, whereas one other dealer made spectacular earnings buying and selling MAGA.

A dealer who invested $1.16 million to purchase 11.23 million NORMIE tokens, shopping for every at $0.1035 between March 25 and April 9, noticed his worth drop to a measly $150 after the exploit. NORMIE worth plummeted to $0.000003, a 98.69% decline in simply 24 hours, with a 24-hour buying and selling quantity of $5.82 million. The abuse led to a pointy decline, highlighting the dangers related to investing in cryptocurrencies.

Conversely, Lookonchain has recognized a profitable enterprise involving MAGA tokens. On Could twenty fourth and twenty fifth, a dealer invested $537,500 to amass $6 billion in MAGA tokens. In simply three days, the dealer bought 1.5 billion MAGA tokens for 744,000 USDT, reaching a outstanding ROI of 505%. The dealer nonetheless holds $4.5 billion in MAGA tokens, now value $2.51 million. MAGA worth has elevated by 100.55% within the final 24 hours.

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The NORMIE scenario took one other flip when the event staff revealed dealings with the hacker accountable for the exploit. The hacker supplied to return 90% of the stolen funds, which induced the token's market cap to drop by $41.7 million in three hours. Lookonchain was one of many first to detect the exploit and the hacker's on-chain message to the NORMIE deployment deal with on Could 26.

The NORMIE staff accepted the hacker's provide to get 90% of the stolen tokens. The situation was that the funds raised and $2.3 million from the staff's growth pockets could be used to launch a brand new token that might reward NORMIE holders. This strategy goals to mitigate the impression on traders and restore a number of the misplaced worth, though the token has already seen a 96% drop because the abuse.

Disclaimer: The knowledge supplied on this article is for informational and academic functions solely. This text doesn’t represent monetary recommendation or recommendation of any sort. Coin Version shall not be chargeable for any losses incurred because of using mentioned content material, services or products. Readers are suggested to train warning earlier than taking any motion associated to the Firm.

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