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Ruholamin Haqshanas
Ruholamin Haqshanas
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BNB Chain-based meme coin launch platform Four.Meme has suffered a security breach, resulting in the loss of approximately $183,000 worth of digital assets.
The platform acknowledged the attack in a February 11 post on X (formerly Twitter), stating, “We are currently experiencing a malicious attack, and our team has intervened immediately to address the issue.”
However, Four.Meme assured users that internal funds remain safe and unaffected.
PeckShield Confirms $183K Loss in Four.Meme Security Breach
Blockchain security firm PeckShield confirmed the $183,000 loss, marking another incident in the growing trend of crypto-related exploits.
Four.Meme recently gained attention due to the meteoric rise and collapse of the Test (TST) token.
On February 9, TST reached a peak market cap of $489 million, only to plummet by over 50% to $215 million, according to CoinMarketCap data.
The token gained traction after it was briefly visible in a BNB Chain tutorial video related to the Four.Meme platform.
The clip, which showcased TST solely for test purposes, was not intended as an endorsement.
However, China-based influencer communities quickly seized on the token, fueling speculation and price surges.
Even Binance’s co-founder and former CEO, Changpeng Zhao (CZ), clarified that the video was not an endorsement, but the frenzy around TST had already begun.
Following the token’s rise and fall, Zhao admitted that Binance’s listing process “is a bit broken”, as traders on decentralized exchanges (DEXs) exploited arbitrage opportunities, leading to significant volatility.
To enhance transparency, Binance co-founder Yi He later outlined the exchange’s listing criteria, including potential return on investment (ROI), innovation, user growth, and market performance on other platforms.
Crypto Market Lost $1.49B to Hacks in 2024
As reported, the crypto industry witnessed losses totaling $1.49 billion in 2024 due to hacks and fraud, marking a 17% decrease from 2023.
According to a report by blockchain security platform Immunefi, hacks were overwhelmingly the primary cause, accounting for $1.47 billion or 98.1% of the total losses across 192 incidents.
Fraud, including rug pulls and scams, represented just 1.9% of the losses at $28 million, though this category saw a 72% increase year-on-year.
The decline in total crypto losses reflects improved security measures, as the number of successful attacks also fell by 27.5%, from 320 in 2023 to 232 in 2024.
More recently, Solana-based DEX aggregator Jupiter fell victim to a security breach on Wednesday, with its official X account being compromised to promote fraudulent meme cryptocurrencies.
Last month, TV actor Dean Norris, widely known for playing Hank Schrader in Breaking Bad, had his X account hijacked for the second time.
