Four.Meme, a platform based on the Binance blockchain (BNB Chain), was hacked Tuesday morning, suspending its liquidity pool on PancakeSwap.
Security firm SlowMist revealed that the attack exploited a vulnerability in the platform's smart contract, allowing the attacker to bypass transfer restrictions and manipulate prices.
This isn't the first time the platform has been attacked; it previously lost $183,000 due to a similar vulnerability.
In this hack, the attacker obtained Four.Meme coins before their official launch and then exploited the vulnerability to create a fake trading pair on PancakeSwap, allowing them to add liquidity at an incorrect price and steal funds.
$174,000 was transferred across multiple wallets to launder money, using different PancakeSwap contracts to hide the trace.
In response to the incident, Four.Meme halted its launch operations and announced a plan to compensate affected users.
Look, my friend, the world of cryptocurrency offers great opportunities, but it's also fraught with risks, the biggest of which are hacks. Hackers are always trying to find loopholes in platforms and wallets to siphon off people's money. We've seen major platforms fall victim to hacking operations, losing millions of dollars in seconds.
To protect yourself, you should use cold wallets, never share your private keys with anyone, and enable 2FA. Also, avoid suspicious links and projects that appear to be scams. Ultimately, your security in crypto is your responsibility, and if you fall victim to a hack, your money could be lost forever. So, be aware and stay safe.
