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Memeflate Token Review

Date Started

2021-10-29

Active

Yes

Honeypot?

Possible

Smart Contract Code Structure

Obscure

Ownership Renounced?

Whales Spotted?

Yes

Over-all Ratings

Bad

Conclusion

High Risk of getting RUG-PULLED

Memeflate Token Review + Smart Contract Audit Summary

Memeflate started 2021-10-29 and it's currently active, based on the in-depth smart contract audit from different sources and upon checking it's website and other instances like the developers behind this project we can obviously tell based on it's over-all ratings which is Bad and has a HUGE RISK of getting RUG-PULLED.

The basis of our audit came from different areas like how professionally done was their website, their roadmap if it is being followed diligently, social media pages, mission and vision as well as their whitepaper that you can find on their website http://www.memeflate.io/, also we use verified and well established auditing tools like honeypot.is wherein this NFT was found out that it is a POSSIBLE honeypot trap wherein the smart contract dictates that you can buy but you cannot sell it in the future, although at some point there are others sneaky developers that enable the "selling" feature but after some time they disable it once lots of investors already dive-in.

We have a way of detecting that kind of trick and for this token Memeflate we can absolutely tell that it has a high possibility of being a honeypot trap, our basis lies on their Smart Contract Code Structure which is OBSCURE and contains malicious codes in nature, only scammers with unreadable and obscure codes have had the bad intentions to do something fishy in the long run, another thing to take note is if the ownership of the token is either renounced or not, for this token, the answer is No.

Another basis we are considering if a token is risky of getting rug pulled is if there are whales spotted on the holders, whales refers to those individuals or entities that hold large shares or percentage of the token Memeflate wherein they have the potential to manipulate price actions and volatility of the token Memeflate, so for this token the answer is Yes it has whales.

Therefore we conlude that this token has a High Risk of getting RUG-PULLED in the future, this is not a financial advise, it's always up to you to invest or not on this token, we are here only to give our insights based on the evidences and calculations we made on the smart contract of Memeflate. So Goodluck and have a safe and happy investing!

Checked using Professional Smart Contract Auditing Tools

Bscheck.eu: 0xaFE3321309A994831884fc1725F4c3236AC79f76

Honeypot.is: 0xaFE3321309A994831884fc1725F4c3236AC79f76

Memeflate Smart Contract Audit Details

Description:

MemeFlate2.0 Market-Place for content creators and service personnel.

---

Audit Details

Audited project: Memeflate

Deployer address: 0xfE3B9bc6E3AD8294A5196144CEf52E9167C63F02

Client contacts: Memeflate team

Blockchain: Binance Smart Chain

Project website: http://www.memeflate.io/

---

Issues Checking Status

Issues Checking Status

---

Security Issues

High Severity Issues

No high severity issues found.

Medium Severity Issues

No medium severity issues found.

Low Severity Issues

1. Out of gas

Issue:

• The function includeAccount() uses the loop to find and remove addresses from the _excluded list. Function will be aborted with OUT_OF_GAS exception if there will be a long excluded addresses list.

• The function _getCurrentSupply also uses the loop for evaluating total supply. It also could be aborted with OUT_OF_GAS exception if there will be a long excluded addresses list.

Recommendation:

Check that the excluded array length is not too big.

2. Rounding error

Issue:

• At each calculation with division, it is goes first. In Solidity we don’t have floating points, but instead we get rounding errors.

Recommendation:

Do division after multiplication.

Owner privileges (In the period when the owner is not renounced)

• Owner can change tax fee.

• Owner can close vote.

• Owner can include in and exclude from reward.

---

Conclusion

Smart contracts contain low severity issues and owner privileges!

Liquidity pair contract’s security is not checked due to out of scope.

Liquidity locking details NOT provided by the team.

---

Source: https://github.com/TechRate/Smart-Contract-Audits/blob/main/November/Memeflate%20Full%20Smart%20Contract%20Security%20Audit.pdf

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