$300m meme coin – Major Security Flaws in Mog Coin (MOG) Smart Contract Exposed by ChatGPT Audit

Investors have been pouring money into Mog Coin (MOG) despite significant security vulnerabilities identified in its smart contract code. A recent ChatGPT security audit reveals several critical issues:

1. Ownable Functionality: The MOG smart contract employs the “Ownable” function, allowing the deployer to renounce and transfer ownership instantly. This provides the owner with the ability to control key aspects of the token’s operation without notice.
2. Adjustable Token Fees: The code permits the deployer to set and alter token fees up to 50%, granting the owner substantial flexibility that could be exploited. The owner can also exempt specific addresses from fees and transaction limits, potentially leading to preferential treatment or malicious activities.
3. Trading Control: The smart contract includes a “startTrading” function, enabling the owner to toggle trading of the MOG token on or off. This capability could be used to prevent traders from executing their transactions.
4. Liquidity Management: The contract deployer has the ability to swap tokens for Ethereum (ETH) and withdraw the meme coin’s liquidity instantly. This power makes MOG highly centralized, with the owner capable of managing and withdrawing the asset’s liquidity at will.

High Centralization and Potential Risks

The ChatGPT analysis underscores the high centralization of MOG, with the owner having excessive control over its underlying code. Such control raises concerns about the token’s security and integrity, as the owner can manipulate the asset’s liquidity, execute manual token swaps, and withdraw tokens arbitrarily.

Price Rally Despite Risks

Remarkably, despite these significant security concerns, MOG has surged as the top gainer among the leading 500 cryptocurrencies, with a 45% price increase. At the time of writing, MOG is trading at $0.0000008286, boasting a market cap of $323 million and a circulating supply of 390 trillion MOG tokens.

Investor Caution Advised

While the analysis does not definitively label MOG as a fraudulent asset, it highlights the inherent risks associated with the security flaws in its smart contract. Investors should exercise caution and conduct thorough due diligence when considering investments in highly centralized tokens with potential for abuse.

Disclaimer: This analysis is based on the current understanding of the MOG smart contract and is not definitive proof of fraud. However, it serves to inform potential investors of the security risks involved.