Audit name:
[SCA] USDM / Token / Dec2023
Date:
Dec 26, 2023
Table of Content
Introduction
We thank USDM for allowing us to conduct a Smart Contract Security Assessment. This document outlines our methodology, limitations, and results of the security assessment.
USDM a stablecoin built on the Ethereum blockchain.
| title | content |
|---|---|
| Platform | Ethereum |
| Language | Solidity |
| Tags | ERC20, Beacon Proxy |
| Timeline | 07.12.2023 – 18.12.2023 |
| Methodology | https://hackenio.cc/sc_methodology→ |
Last Review Scope | |
|---|---|
| Repository | https://etherscan.io/token/0xbbaec992fc2d637151daf40451f160bf85f3c8c1→ |
| Commit | - |
Last Review Scope
- Commit
- -
Audit Summary
10/10
0%
9/10
7/10
The system users should acknowledge all the risks summed up in the risks section of the report
Document Information
This report may contain confidential information about IT systems and the intellectual property of the Customer, as well as information about potential vulnerabilities and methods of their exploitation.
The report can be disclosed publicly after prior consent by another Party. Any subsequent publication of this report shall be without mandatory consent.
Document | |
|---|---|
| Name | Smart Contract Code Review and Security Analysis Report for USDM |
| Audited By | Eren Gonen |
| Approved By | Grzegorz Trawiński |
| Changelog | 18/12/2023 - Second Report |
Document
- Name
- Smart Contract Code Review and Security Analysis Report for USDM
- Audited By
- Eren Gonen
- Approved By
- Grzegorz Trawiński
- Changelog
- 18/12/2023 - Second Report
System Overview
USDM is a ERC20 stablecoin with the following contracts:
EthereumERC20 — A burnable, upgradeable ERC-20 token that mints the initial supply to the deployer, featuring a blacklist capability. Additional minting is permitted.
It has the following attributes:
Name: USD Mapped Token
Symbol: USDM
Decimals: 6
Total supply: 6,500,000,000(Six billion five hundred million).
OwnedBeaconProxy — An upgradable beacon proxy contract for the EthereumERC20 token.
Privileged roles
The owner of the EthereumERC20 contract can mint new tokens and add or remove addresses from the blacklist.
The admin of the OwnedBeaconProxy contract can update the contract or set a new admin address.
Executive Summary
Documentation quality
The total Documentation Quality score is 7 out of 10.
Functional requirements are partially provided.
Natspec is not sufficient.
Technical description is provided.
Code quality
The total Code Quality score is 9 out of 10.
The development environment is not configured.
Test coverage
Code coverage of the project is 0% (branch coverage)
No tests have been provided.
Security score
Upon auditing, the code was found to contain 0 critical, 0 high, 0 medium, and 2 low severity issues, leading to a security score of 10 out of 10.
All identified issues are detailed in the “Findings” section of this report.
Summary
The comprehensive audit of the Customer's smart contract yields an overall score of 9.5. This score reflects the combined evaluation of documentation, code quality, test coverage, and security aspects of the project.
Risks
The admin of the EthereumERC20 contract can blacklist any address at any time. The blacklisted address can not transfer until further changes are made.
Findings
Code ― | Title | Status | Severity | |
|---|---|---|---|---|
| F-2023-0116 | Single-Step Ownership Transfer | accepted | Low | |
| F-2023-0110 | Non Disabled Implementation Contract | accepted | Low | |
| F-2023-0112 | Using Old Openzeppelin Version | accepted | Observation | |
| F-2023-0111 | Using Old Solidity Version | accepted | Observation |
Identify vulnerabilities in your smart contracts.
Appendix 1. Severity Definitions
When auditing smart contracts, Hacken is using a risk-based approach that considers the potential impact of any vulnerabilities and the likelihood of them being exploited. The matrix of impact and likelihood is a commonly used tool in risk management to help assess and prioritize risks.
The impact of a vulnerability refers to the potential harm that could result if it were to be exploited. For smart contracts, this could include the loss of funds or assets, unauthorized access or control, or reputational damage.
The likelihood of a vulnerability being exploited is determined by considering the likelihood of an attack occurring, the level of skill or resources required to exploit the vulnerability, and the presence of any mitigating controls that could reduce the likelihood of exploitation.
Severity | Description |
|---|---|
Critical | Critical vulnerabilities are usually straightforward to exploit and can lead to the loss of user funds or contract state manipulation. |
High | High vulnerabilities are usually harder to exploit, requiring specific conditions, or have a more limited scope, but can still lead to the loss of user funds or contract state manipulation. |
Medium | Medium vulnerabilities are usually limited to state manipulations and, in most cases, cannot lead to asset loss. Contradictions and requirements violations. Major deviations from best practices are also in this category. |
Low | Major deviations from best practices or major Gas inefficiency. These issues will not have a significant impact on code execution, do not affect security score but can affect code quality score. |
Severity
- Critical
Description
- Critical vulnerabilities are usually straightforward to exploit and can lead to the loss of user funds or contract state manipulation.
Severity
- High
Description
- High vulnerabilities are usually harder to exploit, requiring specific conditions, or have a more limited scope, but can still lead to the loss of user funds or contract state manipulation.
Severity
- Medium
Description
- Medium vulnerabilities are usually limited to state manipulations and, in most cases, cannot lead to asset loss. Contradictions and requirements violations. Major deviations from best practices are also in this category.
Severity
- Low
Description
- Major deviations from best practices or major Gas inefficiency. These issues will not have a significant impact on code execution, do not affect security score but can affect code quality score.
Appendix 2. Scope
The scope of the project includes the following smart contracts from the provided repository:
Scope Details | |
|---|---|
| Repository | https://etherscan.io/token/0xbbaec992fc2d637151daf40451f160bf85f3c8c1→ |
| Commit | - |
| Whitepaper | Not Provided |
| Requirements | Confidential |
| Technical Requirements | Confidential |
Scope Details
- Commit
- -
- Whitepaper
- Not Provided
- Requirements
- Confidential
- Technical Requirements
- Confidential