Four.Meme Recovers and Enhances Security After $130,000 BNB Chain Exploit

Four.Meme Recovers from $130,000 Exploit on BNB Chain

In a recent turn of events, the memecoin launchpad Four.Meme on the BNB Chain has reinstated its token launch function after an exploit led to a significant loss of $130,000. The platform faced a severe security breach which forced an emergency suspension of its launch capabilities.

Immediate Response and Compensation Efforts

On March 18, the Four.Meme team announced the unfortunate incident on X, stating, "Currently, Four.Meme is under attack, and we have suspended the launch function for an emergency investigation. We will compensate affected users and provide a damage submission form to collect relevant information." This direct communication reinforces the platform's commitment to transparency and user security.

After completing a comprehensive security review, the team quickly resumed the launch function. They also launched the compensation process for affected users, urging them to submit claims and expecting to process them within the week. This swift response highlights the Four.Meme team’s resilience and preparedness in handling crises effectively.

Technical Breakdown of the Exploit

Web3 security firm SlowMist analysed the attack and explained its mechanics. The attackers found a vulnerability in the 0x7f79f6df function, which let them purchase tokens before the official launch. By manipulating this function, they directed tokens to a PancakeSwap Pair address that had not yet received official establishment.

This loophole enabled the attackers to set up the Pair and inject liquidity without transferring the yet-to-be-launched tokens. They successfully bypassed Four.Meme’s transfer restrictions (MODE_TRANSFER_RESTRICTED) and manipulated liquidity at an unintended price, leading to the draining of pool funds. Blockchain security firm PeckShield reported that the hacker siphoned approximately 200 BNB (valued at $130,000) and transferred the funds to FixedFloat, a move that further complicated the traceability of the stolen assets.

Security Enhancements and Future Safeguards

Despite the quick recovery and resumption of services, however, this incident marks the second significant security breach that Four.Meme has suffered in less than two months. Notably, the previous attack in February similarly led to estimated losses between $183,000 and $200,000 due to a liquidity manipulation attack. Consequently, these recurring breaches raise concerns about the platform's security measures.

Therefore, the recurring security issues highlight a critical need for enhanced protective measures. In response, Four.Meme is likely to bolster its security framework to prevent future exploits. Moreover, this could involve integrating advanced security protocols, conducting regular audits, and fostering collaborations with leading security firms to fortify their systems.

For those in the web3 recruitment and crypto recruitment sectors, these incidents underscore the importance of sourcing talent that is not only skilled in blockchain technology but also proficient in cybersecurity. As the landscape of digital assets continues to evolve, the demand for such dual expertise is becoming increasingly critical.As the Four.Meme platform moves forward, the crypto community will be keenly watching how they navigate these challenges and implement robust security measures to safeguard user assets and trust. For more insights into blockchain security and recruitment trends, visit our articles on blockchain recruitment and crypto talent acquisition.