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GoPlus Flags Risks in Hello402 Token as OKX Launches Investigation

GoPlus warned of critical functions in Hello402’s code enabling unlimited token minting and centralized control, raising concerns over unimplemented community safeguards.

Summary

On November 12, GoPlus issued a warning about hidden vulnerabilities in the Hello402 smart contract, highlighting functions such as addTokenCredits and WithdrawDevToken that allow administrators extensive control, including unlimited token minting. The group emphasized that promised community safeguards were not reflected in the code. These revelations follow concerns from GoPlus’ Chinese community, prompting exchange OKX to investigate abnormal activity related to Hello402 using on-chain data, with potential legal action under consideration.

Terms & Concepts
  • Token Minting: The process of creating new cryptocurrency tokens, which in this case may be unlimited, posing security and inflation risks.
  • Centralization: A system design where control is concentrated in a single entity or small group, reducing decentralization benefits in blockchain projects.
  • On-chain Evidence: Data and records stored directly on a blockchain network, used to verify transactions or activities for audits and investigations.