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Nowadays, hacking and troubling memecoins and similar projects have surged to a new height, with Four(dot)Meme recently facing a sandwich attack of $120,000. On March 18, it was reported by the BNB-based memecoin launch platform that it was hit by a breach which resulted in losses.
Despite the losses of $120,000 in a hacking incident, Four(dot)Meme said in its March 18, 2025 X post that it has resumed its launch services after the inspection of security thoroughly.
The post notes, “ The launch function has now been resumed after a thorough security inspection. Our team has addressed the issue and reinforced system security.” The post adds, “Compensation for affected users is underway.”
Over the past few quarters, the attacks on memecoins and related services have grown significantly, with the broader market losing billions in a 52-week frame.
Earlier this week, it was reported that the official X account of a known crypto media outlet was breached to promote rumors about the memecoin owned by Donald Trump and the Bitcoin spot ETF of BlackRock.
In mid-February 2025, a few known media outlets reported that hackers took over Nasdaq’s X profile to promote a fraudulent memecoin launched in Pump(dot)Meme.
On January 27, 2025, a media outlet reported that a hacker or an entity took control over Dean Norris’s X account to promote a fake memecoin and launch a DEAN.
The report published by Merkle Science in 2024 quotes that all types of scams, hacks, and frauds concerning memecoins have lost $500 million, and the LIBRA scam has only wiped out $100 million.
Why do memecoins create a vast passage for bad actors?
Memecoins are termed as a form of blockchain-based product that was developed as a joke but became popular with time, and in late 2013, Dogecoin debuted in the market as 1st meme tokens.
The preference of hackers and bad actors has shifted towards memecoins as they can be easily created and priced at a low price but, most of the time, guarantee huge profits.
And on the other hand, the surging involvement of politicians, celebrities, and other influential personalities in memecoins has reshaped the market differently.
It is worth noting that several personalities have their memecoin; Donald Trump, Melania Trump, and a few singers, rappers, and actors in the United States have their own memecoin.
Memecoins has seen significant traction in the last few years as it has constantly gained direct and indirect promotion from figures like Elon Musk and a few others.
Until publishing, the memecoin market cap was $48.31 billion, which is down by 27% in the past 30 days; the majority of the cap is contributed by Dogecoin, followed by Shiba Inu, Pepe, Bonk, Floki, and Official Trump.
According to data from CoinMarketCap, Doge is the most traded memecoin, with Pepe at 2nd, Official Trump, Mubarak, Dogwifhat, and Shiba Inu.
