According to a security audit conducted by ChatGPT, the creator of the MOG smart contract used the “Ownable” feature within the Meme coin’s code. This feature allows the creator to relinquish and transfer ownership of the token at any time.
Furthermore, according to ChatGPT’s analysis, the person deploying the code has the ability to adjust the token fees by up to 50%. This gives the owner significant flexibility, which the AI analysis suggests could be exploited. In addition, the owner retains the authority to exempt certain addresses from fees and transaction limits.
ChatGPT further stated that the analysis highlighted that this feature could be exploited for favouritism or malicious activity, highlighting the risk of potential abuse.
In addition, the smart contract code includes the “startTrading” function. This allows the owner to directly enable or disable trading of the MOG token, potentially preventing traders from completing their transactions.
In addition, ChatGPT’s analysis found that the person deploying the contract has the ability to instantly exchange tokens for Ethereum (ETH) and even withdraw liquidity from the Meme coin.
According to the analysis, MOG appears to be a token with significant centralisation, as its owner has excessive control over its code. This makes the meme coin a risky investment, as the person deploying the smart contract can manipulate the asset’s liquidity, manually withdraw tokens and manually exchange tokens for ETH before withdrawing them.
This potentially qualifies MOG as a scam.
Despite its numerous security flaws, MOG has emerged as the top performer among the top 500 cryptocurrencies, with a price spike of 45%. At the time of writing, the meme coin is trading at $0.0000008286. It currently boasts a market cap of $323 million, supported by 390 trillion MOG tokens in circulation.
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