Normie Fires Intern Over Offensive Video; Recovers After Smart Contract Breach
Summary:
Normie, a cryptocurrency project on Coinbase's Base blockchain, has dismissed an intern for posting an inappropriate video on their official account, causing upset within the crypto community. Last month, Normie was also hit by a smart contract breach, leading to the loss of 225 Ether and a $41.7 million fall in its token's market cap within three hours. Since the occurrence, Normie has reportedly agreed to initiatives to reimburse affected token holders with a new token. As of June 7, the developers claimed the retrieval of 192 Ether and a successful relaunch of its token at a new address.
Normie, a digital currency project driven by Coinbase’s native blockchain, Base, says it has let go of an intern for sharing an inappropriate video on their official X account. The development team of Normie states, “Following a thorough review and deep introspection, we have chosen to take down our latest video. The intern responsible for its release has been dismissed. We extend our sincere apologies to all those who were upset by the video's content. We pledge to prevent such occurences in the future."
The promotional video, unveiled on June 10 to the crypto community's dismay, seemed to feature a blue-toned cartoon chef with overly exaggerated, full lips engaged in dance to a cooking-related song. A presumed repost of the contentious Normie video has surfaced post its removal. Source: X
A user queried the blame on the intern asking, "Is the intern solely accountable? Wasn't the video created and shared by them? Did they not get approval from your team?" They suggested that “Whoever was supposed to guide the intern and let this occur should be dismissed instead."
The developers clarified the video's objective was to convey “that there's always a way to bounce back even when everything is overwhelming, and that every positive transformation starts with oneself.” They added, "We never intended to undermine a sensitive issue."
Normie encountered a smart contract exploit last month, leading to the theft of 225 Ether (ETH) ($881,686), subscribers' funds, resulting in a quick $41.7 million drop in its token's market value in under three hours. Following this, Normie agreed to the hacker's offer of returning 90% of the thieved NORMIE tokens as long as Normie used the hijacked funds plus the $2.3 million in their programming wallet to roll out a new token to compensate the NORMIE token holders.
On June 7, Normie's developers asserted that they had recuperated 192 Ether filched during the incident and had successfully launched its token at its new address. Since April 1, 372,642 fresh tokens have been introduced on the Ethereum network, with 88% being launched on Coinbase’s layer-2 blockchain Base.
In related news, Samsung’s Bitcoin ETF, a $700M mishap, led to Coinbase's exit from Japan.
Published At
6/10/2024 5:48:41 PM
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