$300m meme coin full of potential security flaws

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As an experienced analyst, I strongly caution investors against putting their hard-earned funds into Mog Coin (MOG) based on its current state. The security flaws in the meme coin’s underlying smart contract code are not insignificant and could pose a significant risk to investors.

Despite the significant vulnerabilities found in the smart contract code of Mog Coin (MOG), investors continue to purchase this cryptocurrency.

Based on a security assessment conducted on the MOG smart contract, it was identified that the contract’s creator employed the “Ownable” feature in its coding. By using this function, the owner has the ability to relinquish control and pass on ownership of the token swiftly.

Additionally, the code deployer holds the power to adjust token fees up to half the original amount. This feature offers significant flexibility for the owner, but as per our analysis, it could be susceptible to misuse. The owner also has the ability to exempt certain addresses from paying fees and setting transaction limits. According to ChatGPT:

“This can be used to create preferential treatment or for malicious purposes.”

The MOG token’s smart contract includes a “startTrading” function, empowering the owner to commence or halt trading at will. This feature offers the ability to approve or reject transactions involving the token, thereby controlling access for traders in real time.

Furthermore, according to the ChatGPT examination, the individual who deploys a contract has the immediate ability to exchange tokens for Ethereum (ETH) and can also draw out the liquidity of the meme coin.

As a researcher studying the MOG token, I’ve discovered that this meme coin is characterized by a high degree of centralization. The person in control of its code holds an excessive amount of power over it. Consequently, investing in MOG carries potential risks due to the smart contract deployer’s ability to manipulate its liquidity, manually withdraw tokens, and swap them to ETH for withdrawal.

This puts MOG, potentially, in the scam category. 

As a researcher examining the cryptocurrency market, I’ve noticed an intriguing development: despite identified security vulnerabilities, Meme Coin (MOG) has become the highest gainer among the top 500 digital currencies, experiencing a remarkable price surge of 45%. At present, MOG is trading at $0.0000008286 per token. The asset’s market capitalization currently stands at a substantial $323 million, while its circulating supply comprises an impressive 390 trillion tokens.

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2024-05-21 12:20