- Four.Meme’s exploit allows attackers to manipulate liquidity and bypass token restrictions
- Six tokens on Four.Meme hit a $1M market cap in just 24 hours despite security flaws
- BNB Chain’s DEX trading volume surpasses Solana’s, driven by meme coin launches.
Security experts discovered a major flaw in the Four.Meme launchpad system which operates under the BNB Chain network for meme coin launches. According to SlowMist reports, an attacker found an issue in Four.Meme’s smart contract enabling to buy tokens before their public release.
A function 0x7f79f6df enabled the successful implementation of this security violation. The attacker utilized this vulnerability to insert liquidity into a PancakeSwap pair address before it was created. The hacker exploited the token-free scope to manipulate liquidity triggering major financial losses. Through this exploit, the attacker could overcome the transfer limitations implemented by Four.Meme through its “MODE_TRANSFER_RESTRICTED” configuration.
Following its initial vulnerability in February, Four.Meme endured another hack which resulted in $183,000 in losses. To protect user assets, Four.Meme suspended all liquidity operations until the funds were secure. Two consecutive security breaches of the platform’s essential features have instigated doubts regarding the network’s capacity to secure token launch and liquidity features.
Recent Token Launches on Four.Meme See Rapid Growth
The meme coin market on Four.Meme continues to grow despite continuous security-related issues. Six tokens launched through the platform reached market capitalization above $1 million each in the last 24 hours, as reported by Lookonchain. The increasing market attention regarding meme coins demonstrates their strong market demand and fast growth capability when launched on decentralized platforms like Four.Meme.
Source; Lookonchain
Two prominent meme coins namely Mashallah achieved $3.2 million market capitalization alongside Mubarakah, which reached $10.1 million. Meme coins experience thriving conditions based on their current rapid market growth, yet investors face significant risks due to volatility in this space. The future sustainability of Mashallah alongside Mubarakah depends heavily on resolving platform security issues as their current performance demonstrates strong early success.
On the other hand, according to DefiLlama data, the BNB Chain’s trading volume generated transactions worth $2.236B, exceeding the trading numbers of Solana DEX. Despite this growth, security concerns remain a major challenge. The recent exploit raises questions about the safety of token launches on the network, prompting calls for stronger security measures. As the popularity of meme coins continues to rise, ensuring a secure and trustworthy ecosystem will be crucial for the long-term sustainability of both the BNB Chain and the projects built on it.
