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$300 million meme coin full of potential security flaws
Investors have been buying Mog Coin (MOG) despite major security flaws in its underlying smart contract code.
According to a ChatGPT security audit, the owner of the MOG smart contract used the “Ownable” function in the meme coin code. This allows the implementer to relinquish and transfer ownership of the token in an instant.
Additionally, the code implementer can also set and change token rates 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 transaction fees and 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.
Furthermore, the ChatGPT Review discovered that the contract implementer can instantly exchange tokens for Ethereum (ETH) and even remove liquidity from the meme currency.
According to the analysis, MOG is a highly centralized token and its owner has a lot of control over the underlying code. This makes the meme coin a precarious investment since the smart contract implementer can manage the asset’s liquidity, manually withdraw the tokens, and manually exchange the tokens for ETH and withdraw them.
This potentially puts MOG in the fraud category.
Despite all the security flaws, MOG emerged as the biggest gainer among the top 500 cryptocurrencies with a 45% price surge. O meme coin It is negotiation at $0.0000008286 at the time of writing. The asset’s market capitalization is $323 million, with a circulating supply of 390 trillion MOG tokens.
Disclaimer: This analysis is not definitive proof that MOG may be a fraudulent asset, but it highlights the risks inherent in coding blockchain algorithms, respectively security flaws.