Memecoins
ChatGPT audit shows major security flaw in memecoin
ChatGPT security audit shows major centralization flaws in Tomwifhat (TWIF) — a memecoin on the BNB Smart Chain (BSC) and Ethereum smart contract.
With the rise of dogwifhat (Wireless) at the end of December 2023, the number of fraudulent hat-themed memecoins also increased.
According to ChatGPT analysis, the owner of the TWIF smart contract used the modifiers “onlyOwner”, “transferOwnership”, “renounceOwnership” and “ClaimStuckTokens” in the token code.
This makes TWIF a highly centralized asset since the owner can redirect and freeze tokens, according to ChatGPT. The audit shows that the deployer can also claim parts sent “accidentally” to the contract. ChatGPT added:
“It’s risky if used maliciously.”
Additionally, due to the high level of control the smart contract owner has, there is a high risk of a potential carpetby ChatGPT.
According to Coinsult security Audit, the TWIF contract does not have mint, blacklist and fee setting functions. The owner also cannot use the token as a honeypot, a feature that prevents users from selling their assets.
TWIF has already accumulated a total market capitalization of $7.7 million, by GeckoTerminal, and is currently trading at $0.0219 at the time of writing. However, its daily trading volume stands at just $26,200.
Ultimately, TWIF’s contract adheres to most of the standard features of ERC20, its reliability mainly depends on its owner due to the high level of control over the smart contract.
The sole proprietorship design of piece of money presents high risks of centralization. Additionally, it is always strongly suggested to do your own research before investing in cryptocurrencies, especially meme coins.
Disclaimer: This analysis is not definitive proof that TWIF could be a fraudulent asset, but it highlights the risks inherent in blockchain algorithm coding and security vulnerabilities.