On February 11, Four.Meme, the most popular memecoin launch platform of BNB Chain, was attacked and lost about $180,000. Previously, due to the popularity of Four.Meme's tutorial videos and the token $TST used for demonstration in the videos, Four.Meme attracted many users of BNB Chain, and the transactions of BNB Chain related to memecoin became more active.
Recently, there have been many attacks on Memecoin launch platforms. Although the amount of loss in this security incident is relatively small, it has once again sounded the alarm for security. AsBNB Chain's security partner, Beosin has previously completed the audit of ecological projects such as PancakeSwap. This article will analyze the Four.Meme security incident in detail for everyone to help users and developers understand the ecological security situation of BNB Chain.
Four.Meme Security Incident Analysis
Business Logic Introduction
Four.Meme is a memecoin launch platform similar to Pump.fun on BNB Chain. The characteristics of this type of launch platform are:
1. Provide users with a universal and customizable template for creating memecoin. Users only need to customize the name, logo, description and other information of Memecoin on the platform.
2. When the launch platform issues memecoin, the token will not be directly added to the liquidity pool on the decentralized exchange for trading. Instead, users must first pay SOL/BNB and other tokens to mint the issued memecoin. The token price during the minting process is determined by the Bonding Curve.
Beosin has previously made a detailed analysis of the business logic of Memecoin Launchpad. For more information, please read "Trump's coin issuance detonates Solana ecosystem. What security challenges does the Memecoin launch platform face?", which will not be repeated here.
For Four.Meme, when users continue to "buy" memecoin during the minting process, the price of memecoin will increase according to the joint curve it designed, and the corresponding market value will also increase. When the market value of memecoin issued by users reaches 24 BNB, the Four.Meme platform will migrate the remaining memecoin and 24 BNB to PancakeSwap (i.e., create a memecoin-BNB liquidity pool) for public trading.
The vulnerability of this security incident lies in the creation of the liquidity pool. The project party did not consider the situation where the liquidity pool was created in advance during the process of creating the liquidity pool.
Attack process
(1) The attacker first mints the token in the Four.meme contract before adding pancakeSwap liquidity to the token;
(2) Then create a trading pool of tokens and WBNB in advance in PancakeV3Pool, and set an abnormally high token price;
(3) Then wait for the project to start normally. Since the trading pair has been created and initialized by the attacker before, PancakeV3Pool will add liquidity according to the price initialized by the attacker when it was created, which is equivalent to the initial price of the memecoin's public transaction being quietly raised by the attacker.
(4) After observing the addition of liquidity, the attacker immediately sold the previously minted tokens at a high price to make a profit.
https://bscscan.com/tx/0x2902f93a0e0e32893b6d5c907ee7bb5dabc459093efa6dbc6e6ba49f85c27f61
Taking the above attack transaction as an example, the attacker used only 1603 snowboard tokens to exchange for 23 BNB, taking away almost all the liquidity of BNB in the liquidity pool.
According to Beosin KYT analysis, the flow of Four.Meme's stolen funds is shown in the figure below:
Currently, the stolen funds have been transferred from the address 0x482b004e7800174a1eFb87f496552ac8F53B2fda to the address 0xfD3772890EcF7b514a09dD602e78eAb35A4298E1.
Hidden dangers under the memecoin craze
With CZ's call and promotion on social media about the BNB Chain ecosystem memecoin, BNB Chain began to take over Solana's memecoin popularity, and trading volume and user activity increased significantly. $TST, a test token used by the BNB Chain team for video teaching, was launched on Binance, with a market value of up to $500 million.
In the early morning of February 14th, Beijing time, CZ announced that his pet dog's name was Broccoli, which triggered the memecoin war in BNB Chain, and countless memecoins named Broccoli appeared on the chain. It should be noted that CZ reiterated that he would not issue memecoins. These memecoins named Broccoli were just riding on CZ's popularity, and the token prices fluctuated violently.
According to Beosin Alert, there have been 6 Rug Pull incidents related to Broccoli memecoin so far. The following is one of the Rug Pull incidents, after the token issuer removed liquidity, the token price plummeted 99.94%, making a profit of about $100,000:
Rug Pull of a Broccoli Token
To avoid asset loss, users need to understand at least the following 4 points when trading memecoin:
1. Platform risks of Memecoin Launchpad
2. Risks of Memecoin imitations/Pixiu disks with the same name
3. Whether Memecoin can be issued in excess
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