Meme Platform Experiences Another Attack, Temporarily Halts Launch Feature

The memecoin launch platform, Four.Meme, has confirmed that it has been hit by another attack, leading to the temporary halt of its token launch feature.

In a recent announcement, the Binance (BNB) Smart Chain-based memecoin launch platform stated that an emergency investigation has been launched into the malicious attack. The launch function has been temporarily suspended until further notice.

Four.Meme has also promised to reimburse all users who were affected by the exploit. Affected users are required to fill out a submission form with the necessary information for compensation.

"Our team is working diligently to resolve the issue and ensure system security. Thank you for your patience and support. We will continue to provide updates on the progress," wrote Four.Meme in its recent announcement.

According to a report by the blockchain security firm SlowMist, the attacker took advantage of the platform's pre-launch vulnerability to steal liquidity. They used the feature to send tokens to a PancakeSwap (CAKE) Pair address that did not exist yet.

By doing this, the attacker was able to create a trading pair and add liquidity without needing to transfer tokens that were not launched yet to the pair. This allowed the attacker to bypass Four.Meme's transfer restriction, labeled "MODE\_TRANSFER\_RESTRICTED," which was applied before a token is launched.

As a result, the attacker was able to add liquidity at an unintended price in order to drain pool liquidity. Although the platform has not disclosed the exact amount of losses that resulted from the attack, data on BscScan revealed that the attacker added liquidity to a PancakePair amounting to 4.02 trillion tokens in the address' balance.

Before this attack, Four.Meme suffered an attack on Feb. 11, which led to the temporary suspension of its token liquidity pool on PancakeSwap. The platform assured users that their funds were not affected by the exploit. However, the attack resulted in the memecoin launchpad platform losing approximately $183,000 worth of digital assets.