Breaking: Four.Meme have Just hit Scammers. Raising Concern For Security Among Masses.

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 community for an unprovoked attack by scammers. This not only hit the community hard but also exposed the weak spots in the crypto security array.  

In a recent cyberattack, Four.Meme suffered a moderate setback as scammers managed to siphon a moderate amount of crypto, amounting to a $183K loss and temporarily suspending its token liquidity pool on PancakeSwap. This could be highly detrimental to the platform as it might destabilize the landscape and raise security concerns for everyone involved.  

Soon after the attack, the platform released an official statement reassuring the users that internal funds were safe and sound. Even though funds of 18K were siphoned, the overall funds are unaffected and secured. PeckShield recently released the data.  

Not The First Time 

The Four.Meme attack is not an isolated one. In fact, it is just one incident in a long line of cyberattacks on the cryptocurrency exchanges. Just a few weeks back something similar happened to another exchange named Gem Pad suffered something similar. The attack managed to siphon a total of $2.2 million worth of crypto across multiple chains.  

As per Coinmarket cap, the recent Four.Meme incident was not as detrimental as the earlier attacks. The overall impact on the Memecoin landscape was minuscule. As a result, the market is still showing bullish trends with a 5.2% gradual rise. In fact, the native coin of the platform has shown a slow yet steady bullish tendency of 5% in the last 24 hours.  

Even though this activity was minor, it does raise security concerns widely. In other words, if breaking into the security mainframe of a coin is that easy, then what could happen if someone breaks into BTC or other major coins? As a result, these security lapses need to be plugged ASAP and promptly. Otherwise, there can be major lapses in the security concern and the overall fear/Greed index would keep on falling. Follow for more crypto news.