Security Breach and Immediate Action Taken
The Four.Meme team confirmed the attack on February 11, stating that they had taken immediate measures to contain the situation and protect user funds. According to blockchain security firm PeckShield, the exploit resulted in a loss of approximately $183,000 worth of digital assets. However, the project did not disclose specific details about the nature of the breach or any potential vulnerabilities in its system.
Liquidity Pool Transactions Suspended
Following the exploit, Four.Meme announced that liquidity pool (LP) transactions on PancakeSwap had been temporarily halted. Despite this, on-chain trading remains operational. The project reassured users that internal funds were safe and unaffected by the breach. The development team is actively working to fix the security vulnerabilities, and trading activities will resume once the issues are resolved.
User Reports and Community Concerns
Several users reported issues on social media platforms like X before the official announcement of the breach. One user tried to buy BNC tokens through Four.Meme around 2:00 AM GMT but encountered liquidity shortages that prevented the transaction. In addition, some community members accused the project of repeatedly reposting the same announcement, potentially downplaying the timeline of the breach.
Changpeng Zhao Weighs in on Token Listings
Former Binance CEO, Changpeng Zhao, expressed concerns regarding token listings and the unexpected interest in the TST token, which was linked to a tutorial video related to Four.Meme. Zhao noted that the decentralized nature of TST made it challenging to control trading, regardless of Binance’s position on the matter.
Additionally, Zhao commented on broader issues within the crypto industry, specifically related to centralized exchange (CEX) listings. He pointed out that the short notice periods between an announcement and a listing often lead to rapid price surges on decentralized exchanges (DEX) before trading starts on CEX platforms. Zhao suggested that automating token listings could help improve efficiency and transparency in the industry.
Security Fix and Future Actions
The Four.Meme team is actively working to resolve the security breach and restore normal trading operations. Users are advised to stay informed through official channels as the platform implements additional security measures to prevent future exploits.
Key Takeaways
- Four.Meme suspended trading after an exploit drained $183,000 in digital assets.
- Liquidity pool transactions on PancakeSwap have been temporarily halted, but on-chain trading continues.
- Former Binance CEO Changpeng Zhao suggests automating token listings to improve efficiency and transparency.
- The Four.Meme team is working on fixing the security vulnerabilities and restoring normal operations.
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