On Wednesday, the meme coins minted 15 minutes after the death of billionaire and crypto opponent Charlie Munger soared more than 31,000%, and speculators flocked to decentralized exchanges to hold millions of dollars worth of Ether (ETH) and stablecoins.
However, on the following Thursday, details surfaced about the token's smart contract, which had a faulty feature that allowed developers to limit the asset's **. As a result of these issues, the "Munger token" subsequently lost more than 98% of its value.
Charlie Munger is the former vice chairman of Berkshire Hathaway and has been described by Warren Buffett as his close partner and right-hand man. Munger was a staunch skeptic of Bitcoin, once describing the world's largest cryptocurrency as:"Abomination"。
Munger said of cryptocurrencies earlier this year: "I just think the whole damn development is disgusting and goes against the interests of civilization." ”
According to CoinMarketCap, the daily trading volume of the "Munger token" peaked at $3.5 million on Wednesday but then slipped to less than $60,000.
Hundreds of meme coins are created every day, and while sometimes speculators may make money on tokens like PEPE (PEPE) or Dogecoin (SHIB), most of these tokens become worthless shortly after launch, either due to lack of interest or fraud by developers.
According to Geckoterminal, in this case, the smart contract includes a blacklist function and an authorization function. The blacklist feature may refer to a mechanism in the contract that lists certain addresses or conditions and restricts them. The authorization function may refer to a mechanism in the contract that can lead the user to approve a seemingly malicious smart contract to perform some potentially harmful action. This design can lead to losses caused by the user unknowingly approving certain actions with malicious intent.
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