Investors are flocking to buy Mog Coin (MOG) despite significant security issues in its smart contract code.
A security audit by ChatGPT revealed that the MOG smart contract uses the “Ownable” function, allowing the deployer to quickly renounce and transfer ownership of the token.
Additionally, the code allows the deployer to set and change token fees up to 50%, giving the owner considerable control, which could be misused. The owner can also exempt certain addresses from fees and transaction limits. ChatGPT noted:
“This flexibility can be exploited for preferential treatment or malicious purposes.”
The smart contract includes a “startTrading” function, enabling the owner to turn MOG token trading on or off, potentially preventing traders from completing transactions.
Moreover, the ChatGPT audit found that the contract deployer can swap tokens for Ethereum (ETH) and withdraw the coin’s liquidity at any time.
According to the analysis, MOG is highly centralized, with the owner having extensive control over the code. This centralization makes the meme coin a risky investment, as the deployer can manage liquidity, manually withdraw tokens, and convert them to ETH.
These vulnerabilities place MOG in a potentially scam-like category.
Despite these security issues, MOG has become the top gainer among the leading 500 cryptocurrencies, with a 45% price increase. The meme coin is currently trading at $0.0000008286. Its market cap stands at $323 million, with a circulating supply of 390 trillion MOG tokens.
Summary Review: While Mog Coin’s price surge has attracted significant investor interest, the extensive control held by its deployer poses a substantial risk. Potential investors should be wary of the security flaws and the high degree of centralization, which could lead to manipulation and misuse.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
