Four Meme, Binance's Memecoin Platform, Loses $180K in Malicious Attack

Four Meme shared an “Emergency Announcement” today that said, “We are currently experiencing a malicious attack, and our team has intervened immediately to address the issue.”

Binance’s memecoin platform Four Meme has announced that it is the victim of a malicious attack. Four Meme shared an “Emergency Announcement” on Monday stating that, “We are currently experiencing a malicious attack, and our team has intervened immediately to address the issue.”

The announcement added, “To ensure security, token LP launched on @PancakeSwap is temporarily suspended, and will be reopened once our development team completes the fix, on-chain trading is operating normally.”

? Emergency Announcement ?We are currently experiencing a malicious attack, and our team has intervened immediately to address the issue. To ensure security, token LP launched on @PancakeSwap is temporarily suspended, and will be reopened once our development team completes… pic.twitter.com/kll3tI5Pme

According to crypto security firm PeckShield, the incident resulted in roughly $183,000 in Binance Coin (BNB) losses.

Four Meme is Binance’s answer to Pump Fun, a memecoin platform that was launched in July of last year and claimed to have a “fair” system of launching that didn’t include “pre-sale, seed round, or team allocation.”

Data recorded by Chainalysis shows that losses from hacking crypto platforms reached $2.2 billion in 2022, a 21% increase from the year before.

One of the first major hacks of this year saw $2.5 million drained from decentralized finance options platform Moby, on Arbitrum network. Fortunately, $1.5 million in USDC from this incident was recovered by a whitehat hacker who was able to hack the hacker.

Got a tip? Send us an email or ProtonMail. For more informed news, follow us on X, Instagram, Bluesky, and Google News, or subscribe to our YouTube channel.