tl;dr
Four.Meme, a meme coin launchpad on Binance Smart Chain, has been targeted in a security breach, leading to the suspension of token trading. The platform has assured users of the safety of internal funds and is working on a fix, while also temporarily halting decentralized exchange trading. On-chain...
Four.Meme, a meme coin launchpad on Binance Smart Chain, has been targeted in a security breach, leading to the suspension of token trading. The platform has assured users of the safety of internal funds and is working on a fix, while also temporarily halting decentralized exchange trading. On-chain security firm PeckShield reported estimated losses of $183,000 due to the hack. The incident comes after a surge in new user sign-ups, but a decline in daily user metrics suggests the impact of the attack on user trust. The platform's popularity has made it susceptible to exploitation, and its response to the breach will be critical in maintaining user confidence. The attack raises concerns about the security of meme coin launchpads, with similarities to previous incidents in the crypto industry. As the investigation continues, Four.Meme's ability to secure its ecosystem will determine its long-term viability.
The team confirmed the security breach in an official statement on Twitter. In addition to assuring users that internal funds remain safe and that their development team is already working on a fix, the platform halted decentralized exchange (DEX) trading. Nevertheless, on-chain security firm PeckShield reported estimated losses of $183,000 following the hack. In a follow-up post, Four.Meme specified temporarily suspending token LP launched on PancakeSwap. Trading will be reopened once the development team completes the fix, but on-chain trading operates normally. The attack has raised concerns about the security of meme coin launchpads, as similar incidents have plagued the crypto industry.
The platform's recent surge in popularity makes it an attractive target for hackers. Moreover, its ability to secure the ecosystem will determine its long-term viability. As the investigation into the attack continues, Four.Meme's response will be crucial in maintaining user trust. The incident mirrors a previous attack on Solana-based meme coin launchpad Pump.fun, and the platform's traffic data indicates a significant increase in visitors, particularly from Vietnamese investors.