Read

Mog Coin

Coin

Investors have been buying Mog Coin (MOG) despite the 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’s code. This allows the deployer to renounce and transfer ownership of the token in an instant.
Moreover, the code deployer can also set and change the 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 has the “startTrading” function as well. This allows the owner to directly enable or disable trading the MOG token — potentially preventing traders from executing their deals.&nbsp;
You might also like: <a href="https://crypto.news/bitcoin-price-surges-past-70k-as-daily-trading-volume-soars/" rel="noopener noreferrer nofollow"> Bitcoin price surges past $70k as daily trading volume soars </a>
In addition, the <a href="https://crypto.news/chatgpt-audit-shows-major-security-flaw-in-memecoin/" rel="noopener noreferrer nofollow">ChatGPT analysis</a> found that the contract deployer can instantly swap tokens for Ethereum (<a href="https://crypto.news/price/ethereum/" rel="noopener noreferrer nofollow">ETH</a>) and even withdraw the meme coin’s liquidity.&nbsp;
Per 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 asset’s liquidity, manually withdraw tokens and manually swap tokens to ETH and withdraw them.
This puts MOG, potentially, in the <a href="https://crypto.news/investor-loses-over-100k-to-crypto-phishing-scam/" rel="noopener noreferrer nofollow">scam</a> category.&nbsp;
Despite all the security flaws, MOG has emerged as the top gainer among the leading 500 cryptocurrencies with a 45% price rally. The <a href="https://crypto.news/learn/what-is-meme-economy-and-how-can-you-invest-in-it/" rel="noopener noreferrer nofollow">meme coin</a> is <a href="https://etherscan.io/token/0xaaeE1A9723aaDB7afA2810263653A34bA2C21C7a" target="_blank" rel="noopener noreferrer nofollow">trading</a> at $0.0000008286 at the time of writing. The asset’s market cap is standing at $323 million with a circulating supply of 390 trillion MOG tokens.&nbsp;
Disclaimer: This analysis is not definitive proof that MOG could be a fraudulent asset, but it highlights the risks inherent to coding blockchain algorithms respective of security flaws.
Read more: <a href="https://crypto.news/ethereum-jumps-17-on-increased-etf-approval-odds/" rel="noopener noreferrer nofollow"> Ethereum jumps 17% on increased ETF approval odds </a>

$300m meme coin full of potential security flaws

crypto.news

Other articles published on May 21, 2024

Axelar Adds Interoperability to Rollkit, Delivering Interconnectivity for Thousands of Blockchain...

Ethereum ETFs Approval To Trigger Up To $45B Inflows In First 12 Months

Crypto Market Price Analysis Today: Bitcoin (BTC), Ethereum (ETH), Ethereum Name Service (ENS), L...

Altcoins Revolutionizing the Industry

Why Investors Are Rushing to This Memecoin

Bitcoin eyes return to ATH, but are you holding it back?

Join our free newsletter for daily crypto updates!