Four Meme handles second exploit in months, reinstates launch service

Memecoin launchpad connected BNB Chain, Four.Meme has restored its token motorboat relation pursuing an exploit that resulted successful a $130,000 loss.

In a March 18 post connected X, the Four.Meme squad confirmed it had suffered an attack, prompting an exigency suspension of its motorboat function. The level stated:

“Currently, Four.Meme is nether attack, and the motorboat relation has been suspended for exigency investigation. We volition compensate affected users and supply a harm submission signifier to cod applicable information.”

Hours later, the squad announced that the motorboat relation had resumed aft completing a thorough information review.

The squad besides confirmed that compensation for impacted users had begun and urged them to taxable claims for processing. Affected individuals indispensable beryllium verified, and payouts are expected wrong the week.

Despite these updates, Four.Meme did not disclose the nonstop magnitude mislaid successful the onslaught oregon the origin of the breach.

Nevertheless, this marks the 2nd important exploit connected Four.Meme successful little than 2 months.

On Feb. 11, the level suffered a liquidity manipulation attack, starring to the suspension of its Liquidity Provider (LP). Security analysts estimated losses from that incidental to beryllium betwixt $183,000 and $200,000

Understanding this attack

Web3 information steadfast SlowMist explained that the attacker exploited a vulnerability successful the 0x7f79f6df function, allowing them to acquisition tokens earlier launch.

Using this function, the attackers sent tokens to a PancakeSwap Pair code that had not yet been created. This loophole enabled them to found the Pair and inject liquidity without transferring the yet-to-be-launched tokens.

The attacker bypassed Four.Meme’s transportation restrictions (MODE_TRANSFER_RESTRICTED) and manipulated liquidity astatine an unintended price, yet draining excavation funds.

Through this attack, blockchain information steadfast PeckShield reported that the hacker siphoned astir 200 BNB (valued astatine $130,000) and moved the funds to FixedFloat.

The station Four Meme handles 2nd exploit successful months, reinstates motorboat service appeared archetypal connected CryptoSlate.