Four Meme handles second exploit in months, reinstates launch service
Four Meme handles 2d exploit in months, reinstates launch carrier Four Meme handles 2d exploit in months, reinstates launch carrier
The BNB Chain's memecoin launchpad restores launch feature after $130,000 exploit as compensation for users begins.
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Memecoin launchpad on BNB Chain, Four.Meme has restored its token launch feature following an exploit that resulted in a $130,000 loss.
In a March 18 publish on X, the Four.Meme team confirmed it had suffered an assault, prompting an emergency suspension of its launch feature. The platform stated:
“Currently, Four.Meme is below assault, and the launch feature has been suspended for emergency investigation. We'll compensate affected users and present a harm submission affect to receive relevant recordsdata.”
Hours later, the team launched that the launch feature had resumed after finishing a thorough security overview.
The team also confirmed that compensation for impacted users had begun and told them to publish claims for processing. Affected people must be verified, and payouts are anticipated within the week.
Despite those updates, Four.Meme failed to expose the exact amount misplaced in the assault or the design for the breach.
However, this marks the 2d vital exploit on Four.Meme in now not up to 2 months.
On Feb. 11, the platform suffered a liquidity manipulation assault, main to the suspension of its Liquidity Provider (LP). Security analysts estimated losses from that incident to be between $183,000 and $200,000
Working out this assault
Web3 security firm SlowMist explained that the attacker exploited a vulnerability in the 0x7f79f6df feature, permitting them to aquire tokens before launch.
The usage of this feature, the attackers sent tokens to a PancakeSwap Pair take care of that had now not but been created. This loophole enabled them to place the Pair and inject liquidity with out transferring the but-to-be-launched tokens.
The attacker bypassed Four.Meme’s transfer restrictions (MODE_TRANSFER_RESTRICTED) and manipulated liquidity at an unintended ticket, eventually draining pool funds.
Via this assault, blockchain security firm PeckShield reported that the hacker siphoned roughly 200 BNB (valued at $130,000) and moved the funds to FixedFloat.
Oluwapelumi Adejumo
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BNB, or Binance Coin, is a cryptocurrency created by Binance.
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