Memecoins
ChatGPT audit shows serious security flaw in memecoin
ChatGPT Security Audit Shows Major Centralization Flaws in Tomwifhat (TWIF), a Memecoin on the BNB smart chain (BSC) and Ethereum smart contract.
With the rise of dogwifhat (WIFE) at the end of December 2023, the number of fraudulent memecoins with the hat theme also increased.
According to ChatGPT analysis, the owner of the TWIF smart contract used the modifiers “onlyOwner”, “transferOwnership”, “renounceOwnership” and “claimStuckTokens” in the token code.
This makes TWIF a highly centralized asset as the owner can redirect and freeze tokens, according to ChatGPT. The audit shows that the operator can also claim coins sent to the contract “accidentally”. ChatGPT added:
“This is risky if used maliciously.”
Furthermore, due to the high level of control that the smart contract owner has, there is a high potential risk rugaccording to ChatGPT.
According to Coinsult Security verify, the TWIF contract does not provide for minting, blacklisting and rate setting functions. The owner cannot also use the token as a honeypot, a feature that prevents users from selling their assets.
TWIF has already accumulated a total market capitalization of $7.7 million, For GeckoTerminal and at the time of writing it is trading at $0.0219. However, its daily trading volume stands at just $26,200.
Ultimately, the TWIF contract adheres to most of the standard ERC20 features, its reliability mainly depends on its owner due to the high level of control over the smart contract.
The single-owner design of the memetic currency poses high centralization risks. Furthermore, it is always highly advisable to do your research before investing in cryptocurrencies, especially meme coins.
Disclaimer: This analysis is not definitive proof that TWIF may be a fraudulent asset, but it highlights the risks inherent in coding blockchain algorithms related to security flaws.