Four.Meme, the BNB Chain-based memecoin platform, is back online after a $120,000 exploit.
Attack Incident
Four.Meme announced the resumption of its launch function following a security inspection and issue resolution. The function was previously suspended due to an 'attack', but security has since been reinforced and user compensation is underway.
Methods Used by Attackers
According to ExVul, attackers employed a market manipulation technique known as a 'sandwich attack,' resulting in a $120,000 gain. They pre-calculated the address for creating the liquidity pool and bypassed token transfer restrictions while waiting for liquidity to be added to the transaction to siphon funds.
Security Enhancements
CertiK confirmed that attackers manipulated the SBL token price to profit from liquidity transactions. Four.Meme is compelled to enhance security measures to prevent similar attacks in the future.
The incident highlights the importance of bolstering security in the crypto space. Four.Meme is taking steps to ensure user safety moving forward.
