A security breach at the Four.Meme memecoin launched the platform, which led to the theft of around $183,000 in digital assets.
The attack occurred on February 11 and specifically targeted the project on the BNB Chain as interest in meme token liquidity increased.
In response to the breach, Four.Meme temporarily halted the creation of new liquidity pools to prevent further losses. The platform assured users its internal funds remained secure and unaffected by the incident. “We are currently experiencing a malicious attack, and our team has intervened immediately to address the issue,” Four.Meme stated in a post on X.
Blockchain security firm PeckShield confirmed the attack, reporting that hackers had successfully exploited vulnerabilities within the platform. The incident highlights the ongoing security challenges facing the crypto industry despite a notable decline in overall hacking incidents compared to the previous year.
Four.Meme made headlines due to its Test (TST) token, which saw its market capitalization rise to $489 million on February 9 before falling over 50% to $215 million. The volatility was driven by speculation after a BNB Chain tutorial briefly mentioned TST. Influencer groups in China promoted it, increasing its market cap despite the token being meant for testing. Binance’s former CEO, Changpeng Zhao, clarified that the video did not endorse TST but acknowledged flaws in the listing process that allowed DEX traders to exploit the situation.
To enhance transparency, Binance co-founder Yi He outlined key criteria for token listings, emphasizing return on investment (ROI), innovation, user engagement, and market performance on other exchanges.
In 2024, crypto laundering associated with hacking surged to $1.3 billion, a 280% increase from $342 million in 2023, according to a January 13 report by PeckShield. Scam losses dropped to $834.5 million in 2024, a 24% decrease from $1.1 billion in 2023. However, phishing scams remained dominant, making up 80% of the total at $660 million.
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