Four.Meme Suffers Cyberattack as Scammers Siphon $183k Worth of Crypto, Temporarily Suspend Token Liquidity Pool on PancakeSwap

The crypto community is already at an edge due to widescale regulatory changes all across the landscape. However, nothing could have prepared the meme coin

Four.Meme, a meme coin platform, recently encountered a cyberattack that led to the theft of crypto valued at $183K. The attackers targeted Four.Meme's token liquidity pool on PancakeSwap, temporarily halting operations.

Despite the incident, Four.Meme promptly released an official statement, assuring users that the platform's internal funds remained secure. The stolen funds, amounting to 18K, were siphoned from external liquidity providers. This incident marks the latest in a string of cyberattacks on cryptocurrency exchanges.

Recently, another exchange, Gem Pad, experienced a large-scale attack that resulted in the theft of crypto valued at $2.2 million across multiple chains. However, the Four.Meme incident had a minimal impact on the meme coin landscape, as evident by the market's bullish trend with a gradual rise of 5.2%.

Moreover, the native coin of the platform exhibited a bullish tendency, rising by 5% over the last 24 hours. The incident highlights the ease with which attackers can penetrate the security measures of smaller coins, raising concerns about the potential vulnerability of major coins like BTC to such attacks.

Highlighting the critical need to address these security lapses promptly, the incident serves as a reminder to crypto exchanges and users alike to prioritize robust security measures to prevent devastating attacks on a larger scale. Stay tuned for more crypto news.