Mon, May 27, 2024 at 08:33

• 

  Joy

  • Hey Annie!

  • Have you heard about the latest drama with NOMI coin?😮

  • 
• Annie

  • No, I haven't.

  • What happened?🤔

  
• 

  Joy

  • Well, NOMI coin had this insane rise of 6000%, reaching a market cap of $40 million on November 25th!

  • But then, hackers attacked it, and it plunged 99%, dropping its market cap below $200,000.😱

  • 
• Annie

  • Oh wow, that's a massive drop!

  • How did the hackers manage to do that?

  
• ADward

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• 

  Joy

  • They exploited a loophole in the transaction tax mechanism, which significantly increased the supply of NOMI.

  • Basically, they flooded the market with tokens.😬

• Annie

  • That's terrible!

  • Did the exchange notice anything unusual?

  
• 

  Joy

  • Yeah, LBank reported a spike in NOMI token validations, which was related to the exploit.

  • They were quick to catch on.🕵️‍♀️

• Annie

  • What did the NOMI Foundation do about it?

  
• 

  Joy

  • The NOMI Foundation said on X (formerly Twitter) that they were negotiating with the hackers.

  • They asked users to stop purchasing NOMI until the verification was complete.🚫

• Annie

  • Negotiating with hackers?

  • That sounds risky.

  • What did they agree on?

  
• 

  Joy

  • They agreed to accept the hacker's offer to return 90% of the Ethereum stolen in the attack.

  • The hackers can keep the remaining 10% without any retaliation.

  • All Ethereum in the NOMI development wallet will be used to support the relaunch of NOMI coin.🤝

• Annie

  • That's an interesting approach.

  • Did they offer any compensation to the affected users?

  
• 

  Joy

  • Yes, they announced on X that they would be accepting snapshot registrations to support an airdrop for those affected by the attack.

  • This will be open until the end of May.📅

• Annie

  • That's good to hear.

  • But I heard their X account was suspended?

  
• 

  Joy

  • Yeah, it was suspended but has since been lifted.

  • They’re back online now.📲

• Annie

  • Phew, that's a relief.

  • So, how much Ethereum do they have in their developer wallet now?

  
• 

  Joy

  • Currently, on-chain data shows that the NOMI developer wallet holds 820 ETH, which is worth around $3200.💰

• Annie

  • Wow, that's not much considering the scale of the attack.

  • Do you think this news is good or bad for the market?

  
• 

  Joy

  • Honestly, it’s pretty bad.

  • The attack and the subsequent drop in value have shaken investor confidence.

  • Plus, the fact that they had to negotiate with hackers doesn’t inspire much trust.😞

• Annie

  • I see.

  • So, it’s a bearish signal for the market?

  
• 

  Joy

  • Exactly.

  • It’s a reminder of the risks involved in crypto investments, especially with newer or less established coins.

  • Be cautious!🚨

  • To sum up, this article is considered a 😱Bearish for investors!!