The Worldcoin token, which is being crazily FOMOed, has only one owner for the multi-signature contract?

We have analyzed the smart contract of the Worldcoin token $WLD, found at 0x163f8c2467924be0ae7b5347228cabf260318753, and identified certain security risks. Below is a detailed explanation of the risks associated with the $WLD token.

Centralized Approach

• mintOnce Function

The contract implements a centralized minting mechanism called mintOnce, which allows the owner to mint tokens for multiple addresses in a single call. It has been verified that this function has been called by the current owner.

The current owner is a 1/1 multisig wallet contract at 0x59a0f98345f54bAB245A043488ECE7FCecD7B596, and there is only one contract owner address: 0xc534a745bFfaF9466Ed7B47fA23B0177b99A3e77. This means that a single signature is sufficient to represent the owner for privileged operations.

• setMinter Function

This contract also implements the setMinter function, which allows the owner to set a minter address. Currently, the minter address is set to zero.

• mintInflation function

If the owner sets a non-zero minter, the minter can freely call mintInflation to mint an unlimited amount of tokens for any address.

Token Allocation

According to statistics, the first 6 addresses already hold 94.5% of the total supply, indicating a highly concentrated token distribution.

In conclusion, the $WLD token faces the following security risks:

• The owner currently has only one signer, meaning that only one signature is required to perform privileged operations on the contract on behalf of the owner.

• There is a risk of unlimited token inflation after setting the minter.

• The token distribution is highly concentrated, with the first 6 addresses holding the majority of the tokens.

To mitigate these security risks, we recommend:

• Increasing the number of signers for the owner and implementing multi-signature management.

• Restricting the arbitrary setting of the minter to prevent unlimited token inflation.

• Implementing measures such as token locking or continuous release to reduce the concentration of token distribution.

Security is the foundation of a healthy blockchain ecosystem. We will continue to pay attention to project security, provide timely security risk warnings, and jointly safeguard the security of on-chain assets.