Spin Industry Info
SpinIndustry is a technology group based in Hong Kong with a vision to create an open and sustainable ecosystem.
TrustNet Score
The TrustNet Score evaluates crypto projects based on audit results, security, KYC verification, and social media presence. This score offers a quick, transparent view of a project's credibility, helping users make informed decisions in the Web3 space.
Real-Time Threat Detection
Real-time threat detection, powered by Cyvers.io,
is currently not
activated
for this project.
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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 can mint
It is possible to mint new tokens.
Contract owner cannot blacklist addresses.
It is not 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.
Contract cannot be locked
Owner cannot lock any user funds.
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
- The owner can mint unlimited tokens.
- The owner can burn tokens without allowance.
Note - This Audit report consists of a security analysis of the Spin Industry smart contract. This analysis did not include functional testing (or unit testing) of the contract’s logic. Moreover, we only audited one token contract for the Spin Industry 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 | 2 findings
Pending
#1 high Issue
Unlimited Token Minting.
The mint function allows the owner to create unlimited tokens without any supply cap, rate limiting, or governance controls. This creates severe economic risks as the owner can arbitrarily inflate the token supply, diluting existing holders' value. There's no maximum supply defined, no time-based minting limits, and no transparency requirements for minting events. A compromised owner key or malicious owner could mint trillions of tokens instantly, destroying the token's value.
Pending
#2 high Issue
Unauthorized Token Burning Without User Consent
The burn function allows the contract owner to burn tokens from any address without requiring approval or consent from the token holder. This violates the principle of user sovereignty over their assets and creates a critical centralization risk. Unlike standard ERC20 burn mechanisms that require explicit approval or can only burn from msg.sender, this implementation gives the owner unilateral power to destroy any user's tokens at will. This could be exploited maliciously or accidentally, resulting in permanent loss of user funds.
informational Issues | 1 findings
Pending
#1 informational Issue
Floating Pragma Version.
The contract uses a floating pragma (^0.8.20) which allows compilation with any version from 0.8.20 to 0.8.x. This can lead to deployment with different compiler versions that may have different optimizations, gas costs, or even bugs. The comment indicates Solidity 0.8.30 but the pragma allows 0.8.20+. This inconsistency could lead to unexpected behavior if deployed with a version that has known issues or different behavior than tested.