Hate, hate, _passionately_ _hate_ this Python idiom of sticking code in __init__.py. I understand why it happens and I blame Python, not the developers.

Oh, keep memcached bound to localhost and lock your network down to port 80, port 443, and ports 22/25 for a single host only.

Who keeps their memcached port open to the internet?

If you do that then you deserve what you get.