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Gate.io blog：【Industry Analysis】Analysis of the SQUID Game Contract Vulnerability - Risk Remains High
Gate.io blog：【Industry Analysis】Analysis of the SQUID Game Contract Vulnerability - Risk Remains High
2021-11-09 13:31:01 UTC
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[Instruction]Earlier this month, SQUID, a Play-to-Earn token based on Binance Smart Chain (BSC), saw a sudden surge in its price followed by a flash crash. Following the incident, the project claimed to have removed the restrictions on large SQUID transactions from the contract. It transferred owner access to the black hole address (note: in this address, the private key cannot be found), and shut down all social media accounts. SQUID holders are currently engaged in a "community self-help" campaign, hoping to take action against the project's runaway team in order to achieve more decentralisation and community autonomy for the project.
After an in-depth analysis of the SQUID contract code, we found that the SQUID Game project is still quite risky. The tokens are still concentrated in several addresses and there is a possibility of a second rug pull. What’s more, the contract code may be upgraded at any time. This could involve operations such as issuing a large number of additional tokens which would be extremely negative for holders.
[Keywords] SQUID, Squid Game, Contract Risks, Analysis, Runaway Team, Decentralisation, Community Autonomy
For more information on the specific analysis process, please read this blog:【Industry Analysis】Analysis of the SQUID Game Contract Vulnerability - Risk Remains High
Gate.io Blog
As a new information section of Gate.io, the Gate.io blog function will provide users with all-round investment support. It will offer the most timely information in the industry, as well as informative columns, exclusive research reports, interesting encyclopedia info, and other high-quality content. All of these combined will enable you to grasp the most valuable and high-quality information without leaving home.
We invite you to experience and bookmark this blog, in order to get essential investors tips.
Website: https://www.gate.io/en/blog/bloglist
*App will be launched soon, please keep an eye out for it!
Blog entry: “About-Gate Blog” at the bottom of Gate.io homepage.
Gate.io Blog will be updated at regular intervals. Stay tuned!
After an in-depth analysis of the SQUID contract code, we found that the SQUID Game project is still quite risky. The tokens are still concentrated in several addresses and there is a possibility of a second rug pull. What’s more, the contract code may be upgraded at any time. This could involve operations such as issuing a large number of additional tokens which would be extremely negative for holders.
[Keywords] SQUID, Squid Game, Contract Risks, Analysis, Runaway Team, Decentralisation, Community Autonomy
For more information on the specific analysis process, please read this blog:【Industry Analysis】Analysis of the SQUID Game Contract Vulnerability - Risk Remains High
Gate.io Blog
As a new information section of Gate.io, the Gate.io blog function will provide users with all-round investment support. It will offer the most timely information in the industry, as well as informative columns, exclusive research reports, interesting encyclopedia info, and other high-quality content. All of these combined will enable you to grasp the most valuable and high-quality information without leaving home.
We invite you to experience and bookmark this blog, in order to get essential investors tips.
Website: https://www.gate.io/en/blog/bloglist
*App will be launched soon, please keep an eye out for it!
Blog entry: “About-Gate Blog” at the bottom of Gate.io homepage.
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