$300m meme coin harbors numerous security vulnerabilities
Investors are showing interest in purchasing Mog Coin (MOG) despite the significant security vulnerabilities present in its underlying smart contract code.
A security audit conducted by ChatGPT revealed that the developer of the MOG smart contract utilized the “Ownable” function within the code of this meme coin. This function allows the person who deployed the contract to renounce ownership and transfer it to another party instantly.
Furthermore, according to ChatGPT, the contract deployer also has the ability to adjust the token fees by up to 50% and change them at will. This level of flexibility can potentially be abused, as the AI analysis points out. The owner can also exempt specific addresses from fees and transaction limits, which can be exploited for preferential treatment or malicious purposes.
The smart contract code also features a function called “startTrading,” which enables the owner to directly enable or disable the trading of the MOG token. This could potentially hinder traders from executing their transactions.
Additionally, the ChatGPT analysis discovered that the contract deployer can instantly swap MOG tokens for Ethereum (ETH) and withdraw the liquidity of the meme coin. This level of control over the underlying code of MOG makes it a highly centralized token, raising concerns about its reliability as an investment. The owner can manually withdraw tokens, swap them for ETH, and subsequently withdraw them, further reinforcing the potential for fraudulent activity.
As a result of these security flaws, MOG is considered a risky investment, potentially falling into the category of scams.
Despite these concerns, MOG has experienced a significant price rally, making it the top gainer among the top 500 cryptocurrencies with a 45% increase. As of now, the meme coin is trading at $0.0000008286. Its market capitalization stands at $323 million, with a circulating supply of 390 trillion MOG tokens.
It is important to note that this analysis does not provide conclusive evidence that MOG is a fraudulent asset. However, it emphasizes the inherent risks associated with coding blockchain algorithms, particularly in relation to security vulnerabilities.
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