Meme trading platform suffers a major cyber attack, with a large amount of user assets stolen.

On the night of November 16, a decentralized trading platform specializing in providing trading and liquidity for Meme tokens suffered a severe cyber attack, resulting in the illegal transfer of a significant amount of user assets. Preliminary estimates suggest that the losses from this attack could reach tens of millions of dollars, and may even exceed one hundred million dollars.

Security experts have pointed out that users' private key information has been leaked, but the specific leak channels are still under investigation. This incident has had a significant impact on the recently active on-chain Meme market, while also reigniting concerns about the security of on-chain assets.

Event Details and Latest Developments

It is understood that the attacked platform holds an important position in the Meme coin trading field and is known as the on-chain "exchange giant" of the Meme coin market. This platform not only provides trading and liquidity for Meme tokens but also supports the launch, staking, and lending services of Meme coin projects, forming a complete Meme financial ecosystem.

Preliminary investigations show that the platform has the following serious security issues:

1. Although it is a non-custodial platform, it records users' private keys. If the system is attacked, hackers can easily obtain users' private keys and steal assets.

2. When users export their private keys without taking any encryption measures, the private keys are exposed in plaintext during transmission, making them easily intercepted by hackers.

The platform's founder responded on social media, stating that due to special reasons, it is currently impossible to synchronize updates, and requested processing time. He indicated that he would compensate with his own money and has isolated some users. However, as the amount stolen continues to increase, most users express skepticism, believing this may be a case of the platform's internal theft.

Impact on the Meme Coin Market

This event has had a significant impact on the Meme coin market. Several well-known Meme tokens have experienced varying degrees of decline:

• BAN dropped by about 30%
• LUCE fell by about 20%
• PNUT has dropped by about 12.5% at most.

It is worth noting that as of the 17th, based on the information from over 500 victims, the confirmed amount stolen is at least 13 million dollars. However, the actual losses may far exceed this figure, as a large number of recently popular Meme coins were also stolen, in addition to the stablecoin USDT.

The security team reminds that the hackers have not yet transferred the stolen funds. They have collected approximately 2800 victim addresses and analyzed over 9000 transactions of stolen funds. Currently, these funds remain in addresses controlled by the hackers.

How to Protect Asset Security

In light of the recent frequent security incidents, investors must take measures to protect their assets:

1. Use hardware wallets to store main assets.
2. Diversify your funds by storing them in multiple wallets.
3. Choose a truly decentralized custody solution.
4. Review the security of the exchange or platform.
5. Consider purchasing crypto insurance against hacking attacks.

In addition, users should be cautious about recommendations from others, prioritize reputable tools, remain vigilant against online scams, and promptly transfer funds to their own controlled wallets after completing large transactions.

This event reminds us once again that security is always the primary consideration in the blockchain world. Whether it is individual investors or project parties, it is essential to remain vigilant at all times and take effective measures to protect asset security.