$300m meme coin full of potential security flaws

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. 

In addition, the ChatGPT analysis found that the contract deployer can instantly swap tokens for Ethereum (ETH) and even withdraw the meme coin’s liquidity. 

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 scam category. 

Despite all the security flaws, MOG has emerged as the top gainer among the leading 500 cryptocurrencies with a 45% price rally. The meme coin is trading 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. 

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.