Report: Sampling tests found that approximately 91% of Meme coins on the Base chain have security vulnerabilities, of which 20% are due to malicious intent

ChainCatcher news, according to a research report by Cointelegraph, through a sample security analysis of 1,000 new meme coins launched on the Base chain from March 19 to 25, it was found that the vast majority of meme coins on the network have security vulnerabilities that could lead to significant losses for users, with nearly one-fifth of meme coins being malicious, using various means to steal user funds.

The automatic auditor on the trading analysis platform DEXTools analyzed these tokens to determine whether each project implemented three basic security measures: locking liquidity, verifying contracts, and the absence of honeypot scams. The analysis showed that 908 projects (accounting for 90.8% of the sampled tokens) failed to meet at least one of the security conditions. David Schwed, COO of security firm Halborn, stated, "This situation highlights the challenges faced by projects that may not have the resources to hire security experts or conduct independent assessments of their smart contracts." He added that many projects simply copy and paste existing tokens, meaning that flaws are replicated.

According to the analysis, 16.9% of the projects were suspected of fraud due to malicious means such as exaggerating sales "taxes" or setting conditions that prevent owners from selling tokens. A total of 121 projects were identified as potentially fraudulent. Additionally, 48 projects had sales tax rates as high as 100%, which is tantamount to outright robbery. Notably, the forms of meme coin scams are diverse, and the automatic auditor may mislabel some tokens or even overlook some creative scams. As for the other 230 tokens that do not have locked liquidity or verified contracts, Vesper, founder of MYSTCL, stated, "There is no legitimate reason for the contracts of the tokens to be unverified." Coinbase provided a rather templated response to this phenomenon, pointing out that Base is permissionless.