• Four.Meme lost $183K in a significant security incident and suspended token launches.
• The attack follows record user behavior and unique addresses drop after the breach occurs.

Four.Meme, a BNB Chain memecoin launchpad, has fallen prey to a major security incident that has caused the loss of assets valued at $183K. The launchpad, which was founded in July 2024, is a major part of the BNB Chain ecosystem development as it allows traders and creators to list meme tokens. The recent breach is occurring at a time when the weaknesses of the memecoin space are on the increase, as growing liquidity invites nefarious forces.

The breach was first reported by blockchain security company PeckShieldAlert, which observed the loss of funds. After the breach, Four.Meme subsequently confirmed via X that it was undergoing a malicious exploit while assuring users that funds are safe. To contain the breach, the platform suspended token launches on PancakeSwap as it searched for a solution. Trading will resume after the issue has been fixed.

Increased Activity and Increased Targeting of Memecoin Launchpads

The breach occurred mere days after Four.Meme posted record-breaking activity among users. The platform had recently reached 11,473 unique wallet addresses, as Dune Analytics reveals, but this dropped to 5,301 following the breach. The quick rise in users before the hack suggests that malicious actors may have specifically targeted Four.Meme because of its rising popularity in the market.

The breach follows in the wake of a larger security hack trend among memecoin launchpads. In mid-2024, Solana-based Pump.fun suffered a similar exploit through a flash loan attack. As memecoin launchpads are becoming high-stakes targets, the crypto space is seeing recurring security breaches. The breaches not only cause financial losses but also undermine investor confidence in the rapidly growing industry.

With the cryptocurrency market still witnessing security attacks, organizations like Four.Meme have to improve their security measures to prevent potential future attacks. As meme tokens gain popularity, securing users’ money and trust in decentralized platforms becomes a priority.

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