$300m meme coin full of potential security flaws

Investors are purchasing Mog Coin (MOG) despite major security flaws in its underlying smart contract code.

According to the ChatGPT security audit, the owner of the MOG smart contract used the “Ownable” function in the meme coin’s code. This allows the distributor to instantly relinquish and transfer ownership of the token.

Additionally, the code distributor can adjust and change token fees per ChatGPT by up to 50%. AI analysis shows that this gives the owner “a lot of flexibility that can be exploited.” The owner can also exempt certain addresses from fees and transaction limits. ChatGPT added:

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

The smart contract code also has the “startTrading” function. This allows the holder to directly enable or disable trading of the MOG token; potentially preventing investors from closing their deals.

In addition, ChatGPT analysis found that the contract dealer can instantly exchange tokens for Ethereum (ETH) and even drain the liquidity of the meme coin.

According to the analysis, MOG is a highly centralized token where the owner has a lot of control over its underlying code. This makes mem coin a risky investment as the smart contract issuer can manage the liquidity of the asset, manually withdraw tokens, and manually exchange and withdraw tokens into ETH.

This potentially puts MOG in the scam category.

Despite all its security flaws, MOG has emerged as the highest-earning cryptocurrency among the top 500 cryptocurrencies with a 45% price increase. Meme coin is trading at $0.0000008286 at the time of writing. The market cap of the asset stands at $323 million with a circulating supply of 390 trillion MOG tokens.

Disclaimer: This analysis is not conclusive proof that MOG may be a fake asset, but it does highlight the risks inherent in coding blockchain algorithms regarding security flaws.