Binance's Four.meme platform fell victim to hackers who managed to drain liquidity for several meme tokens.
How the Attack Happened
The hacker exploited a vulnerability in new tokens on the Four.meme platform to bypass restrictions and create new liquidity pairs on PancakeSwap. The attack occurred around 04:00 GMT during peak trading hours in the Asian market.
Response and Investigation
Four.meme noticed the attack and suspended the launch of new tokens, announcing compensation for affected users: "Currently, is under attack, and the launch function has been suspended for emergency investigation. We will compensate affected users and provide a damage submission form," reads the official statement. SlowMist investigators noted the attack involved purchasing small amounts of tokens before their official DEX launch, exploiting an early transaction leak.
Market Impact and Next Steps
While the tokens and Four.meme weren't directly compromised, the platform may require a new audit to address potential vulnerabilities. Hackers targeted meme tokens linked to recent events to attract traders. Four.meme's popularity and support from figures like Changpeng Zhao have contributed to user growth and platform activity.
The attack on Four.meme highlights the vulnerability of meme tokens to hacks and liquidity manipulation. The platform aims to enhance security and assure users that such incidents are less likely to reoccur in the future.
