Sampling tests have found that about 91% of Meme coins have security vulnerabilities on the Base chain, of which about 20% are considered to be intentional malicious behavior.
According to a research report by Cointelegraph, a sample security analysis of 1,000 new Meme coins launched on the Base chain between March 19 and 25 found that the vast majority of Meme coins have security vulnerabilities that may cause users to suffer huge losses. Nearly one-fifth of Meme coins are considered to be intentional and use various means to steal user funds.
The automated auditors of the trading analysis platform DEXTools analyzed these tokens and determined 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) did not meet at least one of the security conditions.
"This situation highlights the challenges faced by projects that may not have the resources to hire security experts or get independent assessments of their smart contracts," said David Schwed, COO of security firm Halborn. He added that many projects simply copy and paste existing tokens, which means flaws are replicated.
The report shows that 16.9% of projects are suspected of committing fraud through malicious means such as exaggerating sales "taxes" or setting conditions that prevent owners from selling tokens. A total of 121 projects were found to be potentially fraudulent. In addition, 48 projects had sales taxes as high as 100%, which is considered blatant robbery.
In addition, 230 tokens did not lock liquidity or verify contracts. MYSTCL founder Vesper said, "There is no legitimate reason for the token's contract to be unverified." Coinbase gave a rather templated answer to this phenomenon, pointing out that Base is permissionless.
