- GoPlus Security has identified a major security risk with the Ronaldinho memecoin.
- The token, launched on March 3 saw huge investor interest.
While the cryptocurrency market still hasn’t recovered, market activity has not been dormant. The crypto regulatory landscape has been spurring new developments and members have stayed active discussing speculations of the recent crash. One of the activities in the past week was former footballer Ronaldinho’s token launch.
This new memecoin saw much community interest since its launch on March 3rd. However, following its launch several fake coins cropped up in the market. Ronaldinho, the British football legend is the latest celebrity to have launched a memecoin.
Moreover, the token was launched on the BNB chain, while its replicas were launched on other blockchains. Binance co-founder CZ also posted on X, not endorsing but providing a disclaimer to the token. He stated that the original Ronaldinho memecoin was the one launched on the BNB chain.
Recently, GoPlus Security posted on X a warning about a major security threat for the token. They have found that the coin’s owner can burn any holder’s tokens at will. This would mean that the tokens, irrespective of the holders, can be wiped out if the token’s owner wishes.
How Does the Ronaldinho Coin Pose a Security Risk?
According to GoPlus Security reports, the owners need to renounce their ownership in order to secure the tokens. Additionally, they also warned the users to be extremely cautious with the token. As aforementioned, the ownership entails losing tokens to being burned by the owner at no predictable time.
Furthermore, it also places Ronaldinho Coin in a vulnerable position to hackers. Meanwhile, the token has currently succumbed to significant drops owing to bearish market conditions. In the last 24 hours, STAR10 has factored in a 51.81% drop and is currently trading at the $0.13 range.
Similarly, other altcoins such as Ethereum and Solana have also dropped significantly due to the market crash in the past day.
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