A critical vulnerability in Four.Meme, a meme coin launchpad on Binance Smart Chain, has been discovered by SlowMist, a blockchain security firm. This vulnerability allows attackers to manipulate PancakeSwap v3 pools, exploiting newly launched tokens. Four.Meme has suspended token liquidity pools on PancakeSwap to mitigate the risk, and the development team is actively working on a fix.
Blockchain security firm SlowMist has identified a critical vulnerability in Four.Meme , a meme coin launchpad operating on Binance Smart Chain (BSC). This vulnerability allows attackers to manipulate PancakeSwap v3 pools, exploiting token launch es. The flaw arises from Four.Meme 's lack of price verification checks. This omission enabled malicious users to create pools with artificially inflated or deflated prices before scheduled token launch es.
When new tokens migrate to PancakeSwap v3 and add liquidity, they automatically adopt these manipulated price points. Consequently, attackers can drain assets from these pools. Four.Meme has responded by suspending token liquidity pools on PancakeSwap to safeguard user assets. The development team is actively addressing the issue and plans to restore liquidity once a fix is implemented. Meanwhile, on-chain trading remains operational. The team reassured users that internal funds are secure and unaffected by the attack. They promise continued monitoring and timely updates to the community. This incident has drawn market attention, particularly following the volatile performance of the Test (TST) token. Four.Meme's popularity surged after this event, reaching a peak of 11,473 unique addresses on February 9th, according to Dune analytics user data. However, by February 11th, user engagement had significantly dropped to 5,301 addresses. The attack has heightened concerns about the security of meme coin launchpads, echoing similar incidents within the industry. Notably, Solana-based meme coin launchpad Pump.fun suffered a flash loan attack in May 2023. Zooming out, the surge in cryptocurrency adoption has coincided with an increase in illicit on-chain activities. SlowMist's January 2023 report revealed that Web3 security incidents caused $98.19 million in losses across 40 hacking attacks, resulting in damages of $87.94 million, with $1.47 million successfully recovered. Notable incidents include a $10 million hack on Singapore-based exchange Phemex on January 23rd and a $7.2 million exploit of P2P trading platform NoOnes' Solana bridge on January 1st
Four.Meme Binance Smart Chain Pancakeswap V3 Vulnerability Exploit Token Launch Slowmist Crypto Security
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