BNB Chain-based memecoin launch platform Four.Meme has suffered a security breach, with hackers targeting the increasing liquidity in meme tokens.
The exploit, which resulted in a loss of approximately $200,000, has raised further concerns about crypto security vulnerabilities as hackers continue to exploit weak smart contract protocols.
Four.Meme Confirms Attack, Temporarily Suspends Liquidity
Four.Meme acknowledged the attack, stating that its team had immediately intervened to mitigate the issue. The platform temporarily suspended token liquidity pools (LPs) on PancakeSwap as a precautionary measure while assuring users that internal funds remained safe and unaffected.
The team further committed to closely monitoring the situation and providing timely updates to the community. Despite these assurances, the breach underscores the ongoing risks associated with DeFi platforms, particularly those dealing with highly volatile memecoins.
Crypto Hacks See a Decline in 2025 but Continue to Haunt the Industry
The broader crypto ecosystem continues to battle cyber threats. While January 2025 saw a 44% decline in crypto hacks compared to the previous year, the month still recorded $73 million in stolen assets.
Overall, 2024 witnessed a surge in crypto-related thefts, with total losses reaching $3.01 billion, representing a 15% increase from 2023’s $2.61 billion. Out of these losses, $2.15 billion resulted from crypto hacks, while $834.5 million was attributed to fraud.
On a positive note, approximately $485.50 million has been successfully recovered so far, according to data from PeckShieldAlert.
Also Read: Crypto Scam Losses Drop By 71% In December 2024, Marking A Year-End Slowdown, Details Inside
Security Firms Provide Insights Into the Four.Meme Exploit
Web3 security firm CertiK analyzed the attack and revealed that the hacker exploited vulnerabilities in multiple unverified contracts, allowing them to siphon off around $200,000 worth of assets. Meanwhile, PeckShield estimated the loss at 287 BNB, which is valued at approximately $183,000.
Another blockchain security firm, SlowMist, provided additional details on the attack method. According to their analysis, the exploit was based on liquidity manipulation. The attacker front-ran the token launch by creating a fraudulent liquidity pool on PancakeSwap V3.
By doing so, they were able to artificially set the token price before its official migration. When the token was eventually integrated with PancakeSwap, the manipulated liquidity pool dictated the price, allowing the hacker to extract funds.
SlowMist’s founder, Yu Xian, attributed the attack to weak security measures, cautioning that similar vulnerabilities could be exploited repeatedly unless platforms implement rigorous verification mechanisms.
The Four.Meme attack is yet another reminder of the security challenges facing the DeFi ecosystem. Despite improvements in blockchain security, hackers continue to identify loopholes in smart contracts, emphasizing the need for stricter auditing, real-time threat monitoring, and stronger security frameworks.