Investors have been flocking to Mog Coin (MOG), despite significant security vulnerabilities in its smart contract code.
A security audit by ChatGPT revealed that the MOG smart contract employs the “Ownable” function, granting the deployer the ability to renounce and transfer ownership of the token instantly. Additionally, the code allows the deployer to set and change token fees up to 50%, giving the owner considerable flexibility that could be misused. The owner can also exempt specific addresses from fees and transaction limits, potentially enabling preferential treatment or malicious actions.
The smart contract includes a “startTrading” function, which allows the owner to enable or disable trading of MOG tokens, potentially preventing traders from executing their transactions. Furthermore, the audit found that the deployer can instantly swap tokens for Ethereum (ETH) and withdraw the coin’s liquidity.
According to the ChatGPT analysis, MOG is a highly centralized token, with its owner having extensive control over its underlying code. This centralization makes MOG a risky investment, as the deployer can manage the asset’s liquidity, manually withdraw tokens, and swap tokens for ETH.
Despite these security flaws, MOG has emerged as a top performer among the leading 500 cryptocurrencies, boasting a 45% price rally. Currently, MOG is trading at $0.0000008286, with a market cap of $323 million and a circulating supply of 390 trillion tokens.
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