ChatGPT recently conducted a security audit on the Tomwifhat (TWIF) memecoin, which operates on the BNB Smart Chain (BSC) and Ethereum smart contract. The audit revealed major centralization flaws within the TWIF token code.

With the popularity of dogwifhat (WIF) rising in late December 2023, there has been an increase in fraudulent memecoins with a hat theme. According to ChatGPT’s analysis, the TWIF smart contract owner utilized modifiers like “onlyOwner,” “transferOwnership,” “renounceOwnership,” and “claimStuckTokens” in the code, indicating a high level of centralization.

ChatGPT pointed out that this centralization gives the owner the ability to redirect and freeze tokens, as well as claim coins sent to the contract accidentally. This poses a significant risk if used maliciously, potentially leading to a rugpull.

Coinsult’s security audit also found that the TWIF contract lacks functions like mint, blacklist, and setting fees. Additionally, the owner cannot turn the token into a honeypot, preventing users from selling their assets.

Despite TWIF’s total market cap reaching $7.7 million and its current trading price at $0.0219, the daily trading volume is relatively low at $26,200. The trustworthiness of TWIF primarily relies on its owner due to the centralized nature of the smart contract.

The single-owner structure of TWIF poses centralization risks, emphasizing the importance of conducting thorough research before investing in cryptocurrencies, especially meme coins. It’s essential to be cautious and aware of the potential security flaws in blockchain algorithms.

Remember, this analysis does not definitively prove that TWIF is a fraudulent asset, but it highlights the security risks associated with centralization in blockchain coding.

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