Four.Meme, a launchpad for memecoins on the BNB Chain, has bounced back after a cunning sandwich attack drained it of $120,000. The platform, which had paused its operations to tackle the breach, is now back in action. The team announced on March 18 that they’ve fortified their defenses and are working on compensating affected users.
The attack was a classic case of market manipulation, as explained by Web3 security firm ExVul. The attacker cleverly pre-calculated the address for the liquidity pool’s trading pair and exploited a loophole to purchase tokens, bypassing Four.Meme’s token transfer restrictions. This allowed them to wait in the shadows until liquidity was added, at which point they swooped in to siphon off the funds.
CertiK, another blockchain security firm, confirmed the exploit’s mechanics. The attacker sent an imbalanced amount of un-launched tokens to pair addresses before the pair was created. By manipulating the price at launch, they managed to sell these tokens for a tidy profit. In one instance involving the SBL token, the attacker pocketed 21.1 BNB by sandwiching the add liquidity transaction.
The attacker made off with at least 192 BNB, valued at approximately $120,000, which they funneled through the decentralized exchange FixedFloat. This isn’t Four.Meme’s first rodeo with hackers; just last month, they suffered a similar attack resulting in a $183,000 loss.
The crypto world is no stranger to such exploits. February alone saw a staggering $1.53 billion lost to scams and hacks, with the notorious $1.4 billion Bybit hack leading the charge. Chainalysis reports that last year witnessed $51 billion in illicit transactions, driven by AI-powered scams and sophisticated cybercriminal networks.
Despite these challenges, Four.Meme is determined to rise from the ashes. They’ve taken steps to bolster their security and are committed to ensuring user safety. As the memecoin space continues to evolve, platforms like Four.Meme are learning valuable lessons in resilience and adaptability.
In a world where memecoins are often dismissed as fleeting fads, Four.Meme’s comeback story serves as a reminder of the industry’s tenacity. While some memecoins may fade away, platforms that adapt and learn from their setbacks will continue to thrive in this ever-changing landscape.
