Critical security vulnerability in memecoin exposed by ChatGPT audit
The security audit of the Tomwifhat (TWIF), a memecoin on the BNB Smart Chain (BSC) and Ethereum smart contract, conducted by ChatGPT, has revealed significant centralization flaws.
The popularity of dogwifhat (WIF) in late December 2023 has led to an increase in fraudulent memecoins with a hat theme.
According to ChatGPT’s analysis, the owner of the TWIF smart contract has implemented modifiers such as “onlyOwner,” “transferOwnership,” “renounceOwnership,” and “claimStuckTokens” in the token’s code.
As a result, TWIF is highly centralized, allowing the owner to redirect and freeze tokens. The audit also indicates that the deployer can claim coins accidentally sent to the contract. ChatGPT warns that this high level of control increases the risk of a potential rugpull.
Coinsult’s security audit reveals that the TWIF contract lacks functions like mint, blacklist, and setting fees. Additionally, the owner cannot use the token as a honeypot, preventing users from selling their assets.
TWIF currently has a total market cap of $7.7 million, according to GeckoTerminal, with a trading price of $0.0219. However, its daily trading volume is only $26,200.
While TWIF’s contract follows most standard ERC20 functionalities, its trustworthiness relies heavily on its owner due to the significant control over the smart contract.
The single-owner design of this memecoin poses high risks of centralization. It is strongly recommended to conduct thorough research before investing in cryptocurrencies, especially meme coins.
Disclaimer: This analysis does not provide definitive proof of TWIF being a fraudulent asset, but it highlights the inherent risks associated with coding blockchain algorithms and security flaws.
Read more: The Poloniex hacker has recently moved stolen funds for the first time, keeping $182 million untouched.
