Four.Meme resumes operations after $120K sandwich attack
The BNB Chain-based memecoin launch platform Four.Meme has recently reactivated its operations following a significant security breach that resulted in a $120,000 loss due to a sophisticated sandwich attack. On March 18, Four.Meme announced via a post on X that its launch functionality was back online after a comprehensive security evaluation. Initially, the platform had paused its operations to investigate what it described as being “under attack.”
In their communication, the Four.Meme team stated, “The launch function has now been resumed after a thorough security inspection. Our team has addressed the issue and reinforced system security. Compensation for affected users is underway.”
The exploit, identified by Web3 security firm ExVul, utilized a market manipulation strategy known as a sandwich attack, where the attacker pre-calculated the necessary parameters to exploit the liquidity pool’s trading pair. By leveraging the platform’s functions, the hacker bypassed token transfer restrictions, effectively orchestrating the attack in a manner that allowed them to siphon funds immediately after liquidity was added to the transaction.
ExVul elaborated on the attack method: “The hacker lay in wait for Four.Meme to add liquidity to the transaction, ultimately siphoning off the funds.” Further analysis from blockchain security firm CertiK supported this narrative, revealing that the attacker had sent an artificially skewed amount of un-launched tokens to designated addresses before the trading pair was officially established. This allowed for manipulation of the token price at launch, enabling the thief to sell the tokens for profit almost immediately.
Taking the case of a specific token, CertiK noted that the attacker had sent a small amount of the SBL token to a pre-identified pair address prior to its official launch, resulting in a profit of 21.1 BNB through the manipulation of the liquidity addition transaction. In total, the exploit granted the attacker 192 BNB—approximately $120,000—transferred to the decentralized exchange FixedFloat.
This incident is not isolated; just a month prior, Four.Meme suffered a similar fate in which it lost around $183,000 worth of digital assets due to another exploit. The ongoing vulnerabilities within such platforms reflect a broader trend in the cryptocurrency landscape where security breaches plague projects, with February alone recording over $1.53 billion in losses attributed to scams, exploits, and hacks.
The recent attacks such as those on Four.Meme serve as reminders of the evolving sophistication of cyber threats in the blockchain space. In fact, reports from blockchain analytics firm Chainalysis indicate that the past year saw $51 billion in illicit transaction volume, signaling a concerning trend fueled in part by the rise of advanced AI-driven scams and highly coordinated cybercrime syndicates operating in the crypto ecosystem.
As the memecoin market experiences volatility, many observers are left questioning the sustainability of such platforms amidst rising security concerns. As is often said in the crypto community, vigilance and proactive security measures will be paramount in navigating this challenging landscape.
