By: Isha Das
Four.Meme, a memecoin launchpad on the BNB Chain, has bounced back from its second exploit in two months, with a recent attack resulting in losses amounting to approximately $130,000. In response to these events, the platform’s team executed an emergency suspension of their token launch services to investigate the breach comprehensively. Despite facing this challenge, Four.Meme confirmed that they have resumed their launchpad operations following a detailed security audit.
Following the incident, the Four.Meme team has communicated their commitment to user compensation, encouraging affected parties to submit claims for the losses incurred. Compensation processing has been initiated, ensuring that verified users receive payouts within the designated period. Additionally, the team has assured the community of their proactive measures in addressing and rectifying the vulnerabilities that led to the recent attack.
The exploit, as elucidated by blockchain security firms such as SlowMist and PeckShield, took advantage of a flaw in the 0x7f79f6df function in Four.Meme’s architecture. This vulnerability allowed perpetrators to purchase tokens pre-launch by manipulating liquidity at an unintended price. The attackers bypassed Four.Meme's transfer restrictions, drained liquidity pools, and transferred 200 BNB through PancakeSwap, resulting in substantial financial damage.
This incident follows a previous exploit on February 11, which was attributed to a liquidity manipulation scheme that halted the Liquidity Provider (LP) function, resulting in estimated financial setbacks of up to $200,000. The recurrence of these security breaches underscores the ongoing challenges and risks inherent in decentralized financial platforms. Nevertheless, Four.Meme's swift action in reinstating services and providing transparency reflects its dedication to safeguarding the interests of its community and restoring trust in its operational integrity.