Memecoins
A $300 million coin full of potential security flaws
Investors are buying Mog Coin (MOG) despite major security flaws in its underlying smart contract code.
According to a ChatGPT security audit, smart contract owner MOG used the “Ownable” feature in the meme coin code. This allows the deployer to relinquish and transfer ownership of the token in an instant.
Additionally, the code deployer can also set and change token fees up to 50%, per ChatGPT. This gives the owner “a lot of flexibility, which can be abused,” the AI analysis shows. The owner can also exempt specific addresses from fees and transaction limits. ChatGPT added:
“This can be used to create preferential treatment or for malicious purposes.”
The smart contract code also has the “startTrading” function. This allows the owner to directly enable or disable trading of the MOG token, potentially preventing traders from executing their trades.
Additionally, the ChatGPT Analysis discovered that the contract deployer can instantly exchange tokens for Ethereum (ETH) and even remove liquidity from the meme coin.
According to the analysis, MOG is a highly centralized token, with its owner having too much control over its underlying code. This makes the meme coin a precarious investment since the smart contract deployer can manage the liquidity of the asset, manually withdraw tokens, and manually exchange tokens for ETH and withdraw them.
This potentially places MOG in the scam category.
Despite all the security flaws, MOG became the main gainer among the top 500 cryptocurrencies with a 45% price increase. THE piece of money East trade at $0.0000008286 at the time of writing. The market capitalization of the asset stands at $323 million with a circulating supply of 390 trillion MOG tokens.
Disclaimer: This analysis is not definitive proof that MOG could be a fraudulent asset, but it highlights the risks inherent in blockchain algorithm coding and security vulnerabilities.