IXS Launchpad Info
IX Swap is the Uniswap for RWA and bridges the gap between traditional finance and decentralized finance by offering a regulated and innovative platform for trading tokenized Real-World Assets.
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Security Assessments
Summary and Final Words
No crucial issues found
The contract does not contain issues of high or medium criticality. This means that no known vulnerabilities were found in the source code.
Contract owner cannot mint
It is not possible to mint new tokens.
Contract owner can blacklist addresses
It is possible to lock user funds by blacklisting addresses.
Contract owner cannot set high fees
The fees, if applicable, can be a maximum of 25% or lower. The contract can therefore not be locked. Please take a look in the comment section for more details.
Token transfer can be locked
Owner can lock user funds with owner functions.
Token can be burned
There is a function to burn tokens in the contract without any allowances.
Ownership is not renounced
The owner retains significant control, which could potentially be used to modify key contract parameters.
Contract is not upgradeable
The contract does not use proxy patterns or other mechanisms to allow future upgrades. Its behavior is locked in its current state.
Scope of Work
This audit encompasses the evaluation of the files listed below, each verified with a SHA-1 Hash. The team referenced above has provided the necessary files for assessment.
The auditing process consists of the following systematic steps:
- Specification Review: Analyze the provided specifications, source code, and instructions to fully understand the smart contract's size, scope, and functionality.
- Manual Code Examination: Conduct a thorough line-by-line review of the source code to identify potential vulnerabilities and areas for improvement.
- Specification Alignment: Ensure that the code accurately implements the provided specifications and intended functionalities.
- Test Coverage Assessment: Evaluate the extent and effectiveness of test cases in covering the codebase, identifying any gaps in testing.
- Symbolic Execution: Analyze the smart contract to determine how various inputs affect execution paths, identifying potential edge cases and vulnerabilities.
- Best Practices Evaluation: Assess the smart contracts against established industry and academic best practices to enhance efficiency, maintainability, and security.
- Actionable Recommendations: Provide detailed, specific, and actionable steps to secure and optimize the smart contracts.
A file with a different Hash has been intentionally or otherwise modified after the security review. A different Hash may indicate a changed condition or potential vulnerability that was not within the scope of this review.
Final Words
The following provides a concise summary of the audit report, accompanied by insightful comments from the auditor. This overview captures the key findings and observations, offering valuable context and clarity.
Ownership Privileges
XToken-Lite.sol
- The admin can burn tokens from the account.
- The admin can force burn tokens from the account.
- The admin can issue the specified value of tokens to the destination address.
- The admin can add or remove whitelist addresses in the contract.
- The admin can add/remove the transfer lock to the account in the contract.
Note - This Audit report consists of a security analysis of the IXS Launchpad smart contract. This analysis did not include functional testing (or unit testing) of the contract’s logic. Moreover, we only audited the mentioned contract for the IXS Launchpad team. Other contracts associated with the project were not audited by our team. We recommend investors do their own research before investing.
Files and details
Findings and Audit result
high Issues | 1 findings
Acknowledged
#1 high Issue
Burning of tokens without any allowance.
The issue lies in the design of the redeem and forceRedeem functions, which directly burn tokens from a user’s account without checking for allowances—a departure from the standard ERC-20 mechanism. While this approach is intentional and secured by the onlyAdmin modifier to ensure that only trusted administrators can execute these functions, it does introduce a risk: if admin credentials are compromised, an attacker could misuse these functions to burn tokens arbitrarily from any account. Mitigation measures include enforcing strict access controls such as multi-signature requirements and hardware security modules for admin operations, along with regular security audits and enhanced logging to promptly detect and address any unauthorized activities.
medium Issues | 1 findings
Acknowledged
#1 medium Issue
The admin can blacklist wallets.
The issue with the addTransferLock function is that it gives the owner or admin the power to effectively blacklist any wallet by setting a future release date, during which transfers are disabled. This centralization of control creates a risk where a malicious or compromised admin could arbitrarily lock user funds, leading to potential misuse or abuse of power. Mitigation strategies include implementing multi-signature approvals for such critical actions, limiting the maximum duration of any transfer lock, and enhancing transparency through detailed audit logs and regular reviews of administrative actions to ensure accountability.
low Issues | 1 findings
Acknowledged
#1 low Issue
Floating pragma solidity version
Adding the latest constant version of solidity is recommended, as this prevents the unintentional deployment of a contract with an outdated compiler that contains unresolved bugs.