Four.Meme, a newly launched meme coin platform on Binance Smart Chain (BSC), has been hit by a malicious attack, prompting the platform to suspend token trading temporarily.
The breach underscores the persistent threat faced by crypto projects, with bad actors targeting platforms that show rapid growth.
The team at Four.Meme responded quickly to the breach, confirming the incident on social media.
They reassured users that internal funds remained untouched and that the platform’s development team was working to resolve the issue.
The platform posted,
“We are currently experiencing a malicious attack, and our team has intervened immediately to address the issue. To ensure security, token trading on DEX has been temporarily suspended.”
The team further confirmed that trading would resume once the necessary fixes were made.
On-chain security firm PeckShield reported that the attack resulted in an estimated loss of $183,000.
PeckShield shared the update on Twitter, stating,
“four_meme has reported suffering an exploit, resulting in a loss of ~$183K.”
#PeckShieldAlert@four_meme_ has reported suffering an exploit, resulting in a loss of ~$183K.https://t.co/d84BRJs3nJpic.twitter.com/4nWmURCmjb
— PeckShieldAlert (@PeckShieldAlert) February 11, 2025
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Despite the breach, the platform emphasised that the issue only affected token liquidity pools on PancakeSwap, with normal on-chain operations continuing unaffected.
The timing of the attack is noteworthy, as Four.Meme had recently hit a significant milestone.
On 9 February, the platform saw a record 11,473 new users joining, according to data from Dune.
However, in the wake of the attack, the daily unique users dropped to 2,169 by 11 February, highlighting the immediate effect such security breaches can have on user confidence.
Since its launch, Four.Meme has recorded 57,211 unique users, demonstrating notable growth despite the competitive landscape, which includes platforms like Solana’s Pump.fun and Tron’s SunPump.
Source: Dune
The attack, however, has raised questions about the security of meme coin launchpads and their vulnerability to exploits.
This latest attack on Four.Meme bears resemblance to a previous incident involving the Solana-based meme coin launchpad Pump.fun.
In May 2024, the platform suffered a flash loan attack orchestrated by hacker Jarett Dunn, who drained $1.9 million before being arrested.
The recurring nature of these attacks continues to raise concerns over the robustness of security measures in meme coin platforms.
Traffic data reveals that Four.Meme’s popularity has surged in recent months.
SimilarWeb reports that the platform’s traffic has tripled in the past three months, growing from 7,000 visitors to over 20,000.
A significant portion of the platform's traffic comes from Vietnam, which currently accounts for over 43%, with the US following closely behind.
Given its rapid growth, the platform has become an attractive target for hackers, so how effectively it secures its ecosystem moving forward will be crucial to its long-term success.
As the investigation into the breach continues, all eyes are now on how Four.Meme handles the situation and works to rebuild user trust.
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