BNB chain-based Memecoin launch platform 4.Meme resumed operations after being hit by a sandwich attack that misused it for around $120,000.
Four.meme said in a March 18th X post that its launch capabilities have returned after inspecting and addressing security issues. It had previously stopped this function to investigate it, it said “not under attack.”
“After a thorough security inspection, the launch function has resumed. Our team addressed the issue and increased security in the system. Rewards for affected users are ongoing,” the Four.meme team said.
sauce: 4.Meme
Web3 security company Exvul said in an X post on March 18 that the exploit looks like a market manipulation technology known as a sandwich attack that won $120,000 for attackers.
The attacker said “we pre-calculated addresses to create trading pairs for the liquidity pool,” and used one of the platform’s features to buy tokens, successfully bypassing the token transfer limit for the four notes.
“The hackers then waited for 4.meme to add liquidity to the transaction and eventually siphoned the funds,” added Exvul.
sauce: exvul
Blockchain security company Certik came to a similar conclusion, saying that before the pair was created, the attacker paired addresses paired with an unbalanced amount of interpreted tokens, then manipulated the price at launch and then sold for profit.
“For example, in this case of SBL tokens, the attacker benefited 21.1 BNB by sending a bit of SBL token to a pre-calculated pair address and then sandwiching the Add liquidity transaction at launch,” Certik said.
sauce: certik
According to Certik, the attackers saw a departure worth around $120,000 with at least 192 BNBs (BNBs), worth at least $120,000.
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April was the second time that it was attacked in months, and the February 11 exploit lost around $183,000 worth of digital assets.
The broader crypto industry across the world, $1.53 billion in fraud, exploits and hack losses occurred in February, with $1.4 billion of Buybit Hacks taking on the Lion’s share.
Blockchain analytics firm Chain Orisis says it has seen an illegal trading volume of $51 billion over the past year. This is due to crypto crimes entering a specialized era dominated by AI-driven fraud, stubcoin laundering and efficient cyber syndicates.
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