Four.Meme, the BNB Chain’s memecoin-launch platform, has reopened after an attack on it that cost around $120,000.
Four.Meme said It was announced in a post dated March 18th that it had restored its launch feature after inspecting a possible security problem and addressing the issue. It suspended it earlier for investigation, claiming it was unsafe. “under attack.”
“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,” Four.Meme said that.
Source: Four.Meme
ExVul, a security company by Web3, is now available. said The exploit, according to a blog post published on 18 March X appeared to be a technique of manipulation. known as a sandwich attack This attack netted $120,000 to the assailant
The attacker said: “pre-calculated the address for creating the liquidity pool’s trading pair” Four.Meme token transfer restrictions were successfully circumvented by using the functions of Four.Meme to buy tokens.
“Subsequently, the hacker lay in wait for Four.Meme to add liquidity to the transaction, ultimately siphoning off the funds,” ExVul has been added.
Source: ExVul
CertiK, a blockchain security firm, came to the same conclusion. said The attacker sent an unbalanced number of tokens that had not yet been launched to the addresses in the pair before they were created. They then changed the launch price to make a profit.
“In this case of SBL token, for example, the attacker sent a bit of SBL token to the pre-calculated pair address in advance, then profited 21.1 BNB by sandwiching the add liquidity transaction at launch,” CertiK is a certified company.
Source: CertiK
This tactic resulted in the attacker leaving with a minimum of 192 BNB.BNBAccording to CertiK, the users sent a total of $120,000 to FixedFloat decentralized cryptocurrency exchange.
Related: Pump.fun memecoins are dying at record rates, less than 1% survive
This is the second attack on Four.Meme in just a few months. The first was a February 11 exploit resulting in the loss of about $183,000 The value of digital assets
In the crypto sector as a whole, February was a month of growth. $1.53 billion in losses to scamsExploits and hacks with the $1.4 billion Bybit hack Accounting for the majority.
Chainalysis, a blockchain analytics company says the past year saw $51 billion in illicit transaction volumeIt is due in part to the fact that crypto crime has become a profession, characterized by AI-driven frauds, stablecoin launderers, and highly efficient cyber syndicates.
Magazine: Memecoins will die and DeFi will rise again — Sasha Ivanov
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Source: cointelegraph.com
