Four.Meme, a BNB Chain-based memecoin launch platform, recently faced a sandwich attack that resulted in a loss of around $120,000. However, the platform has now resumed its operations after addressing the security issue and compensating affected users.

The attack, which was discovered on March 18, was a market manipulation technique known as a sandwich attack. The attacker pre-calculated the address for creating the liquidity pool’s trading pair and utilized one of the platform’s functions to purchase tokens, bypassing Four.Meme’s token transfer restrictions. They then waited for Four.Meme to add liquidity to the transaction and siphoned off the funds.

Web3 security firm ExVul and blockchain security firm CertiK both confirmed that the attacker successfully manipulated the price at launch and made a profit of 21.1 BNB, worth approximately $120,000. The attacker then transferred the funds to the decentralized crypto exchange FixedFloat.

This is not the first time Four.Meme has been targeted by an attack. In February, the platform lost around $183,000 in a similar exploit. Unfortunately, this is just one of many attacks and scams that have plagued the crypto industry in recent months. In February alone, there were $1.53 billion in losses due to scams, exploits, and hacks.

According to blockchain analytics firm Chainalysis, the past year has seen $51 billion in illicit transaction volume, with crypto crime becoming more professionalized and dominated by AI-driven scams, stablecoin laundering, and efficient cyber syndicates.

Despite these challenges, the crypto industry continues to grow and evolve. DeFi, in particular, has seen a resurgence in popularity, with experts predicting that it will continue to rise in the coming years. As the industry matures, it is crucial for platforms and users to prioritize security and stay vigilant against potential threats.