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Is Monerium EURe Safe?

On-chain security analysis — is it a scam or legit?

Monerium EURe EURE
0x0c06…44f8
Arbitrum
Not verifiedThis record has not gone through deep verification and is not being monitored. The score is a dated snapshot — the token’s risk can change at any time.
Last checked today 1 audit on record
DexScreener ↗
How is this score calculated? → High Risk
Executive SummaryAI Copilot

This report details a security audit of the Token contract, an upgradeable ERC-20 token on Arbitrum. The contract implements standard ERC-20 functionalities along with administrative roles for minting, account management, and a critical external validator for all transfers. A key finding highlights the significant centralization risk associated with the owner's ability to change the external validator contract, which directly controls all token transfer approvals.

1 High1 Medium4 Informational
Volume 24h
$34.2K
Liquidity
$114.4K
Price
$1.1200
Token Age
1y
Top 10 Holders
79.6%

Security Findings

1 High1 Med4 Info
High

Centralized Control Over Token Transfer Validation

CP-03The Token contract relies on an external `validator` contract to approve all token transfers. The owner of the Token contract, a multisig wallet, has the exclusive ability to change this `validator` contract at any time by calling the `setValidator` function. This means that whoever controls the owner multisig can effectively dictate whether any token transfer is allowed or blocked, or even redirect transfer logic to a malicious contract, without requiring any further community or token holder approval.
IssueThe Token contract relies on an external `validator` contract to approve all token transfers. The owner of the Token contract, a multisig wallet, has the exclusive ability to change this `validator` contract at any time by calling the `setValidator` function. This means that whoever controls the owner multisig can effectively dictate whether any token transfer is allowed or blocked, or even redirect transfer logic to a malicious contract, without requiring any further community or token holder approval.
FixTo reduce the centralization risk, consider implementing a timelock for changes to the `validator` address using the `setValidator` function. Alternatively, explore a more decentralized governance mechanism, such as a DAO vote, to approve changes to the `validator` contract. This would provide token holders with a say in critical transfer logic decisions and prevent a single entity from unilaterally controlling all token movements.
StatusUnresolved
Medium

Liquidity not locked

QA-LIQUIDITY0.0% of the pool's LP is burned or time-locked. 100.0% is held, unlocked, by 1 address(es) other than the owner/deployer. One of them — a contract, 0xfbc6…38c4 — holds 100.0% and can remove that share at once; who controls it is not visible on-chain, so it is not treated as an independent provider. Some pools are concentrated-liquidity (V3/V4) positions; shares above are by position as GoPlus reports them.
Issue0.0% of the pool's LP is burned or time-locked. 100.0% is held, unlocked, by 1 address(es) other than the owner/deployer. One of them — a contract, 0xfbc6…38c4 — holds 100.0% and can remove that share at once; who controls it is not visible on-chain, so it is not treated as an independent provider. Some pools are concentrated-liquidity (V3/V4) positions; shares above are by position as GoPlus reports them.
FixCheck the lock's end date and beneficiary on the locker's own page before relying on it.
StatusAcknowledged
Info

Who holds the supply

QA-HOLDERSThe ten largest holders own 79.6% of supply. Of that, 1.1% in DEX pools — not holders that can sell, so excluded from the concentration score. What remains: 66.7% in wallets, 11.8% in other contracts. 7,353 holders in total.
IssueThe ten largest holders own 79.6% of supply. Of that, 1.1% in DEX pools — not holders that can sell, so excluded from the concentration score. What remains: 66.7% in wallets, 11.8% in other contracts. 7,353 holders in total.
FixWatch the largest wallets that are not exchanges, pools or locks — those are the ones that can move the price.
StatusAcknowledged
Info

Listed, but not independently verified

QA-IDENTITYListed on CoinGecko as Monerium EUR emoney (EURE), market cap $33M, rank #644. 7,353 holders.
IssueListed on CoinGecko as Monerium EUR emoney (EURE), market cap $33M, rank #644. 7,353 holders.
FixMatch the contract address against the project's official channels before trading.
StatusAcknowledged
Info

The market for this token

QA-MARKETLiquidity $114K (DexScreener, all pools). 24h trading volume $1.6M (CoinGecko, all markets, daily snapshot). 24h trading volume $34K (DexScreener, all pools).
IssueLiquidity $114K (DexScreener, all pools). 24h trading volume $1.6M (CoinGecko, all markets, daily snapshot). 24h trading volume $34K (DexScreener, all pools).
FixSize any position to the liquidity and daily volume shown — they set how much you can sell and at what price.
StatusAcknowledged
Info

Asset class: Stablecoin — issuer-backed (fiat reserves)

QA-PROFILEA token designed to hold a fixed value (usually $1). Its safety rests on what backs it and on who can mint, freeze or pause it. Its identity is not independently verified, so it gets none of the allowances an established stablecoin gets: every power its owner holds over supply and transfers is scored in full, because a peg is only as good as whoever can mint. Basis: CoinGecko category: EUR Stablecoin. Tokenomics — Supply: mintable with no on-chain cap found. Control: a 3-of-6 multisig. Code: upgradeable proxy. Fees: no buy or sell tax. Market: $114K of DEX liquidity across 2 pools. Launch: 513 days of market history.
IssueA token designed to hold a fixed value (usually $1). Its safety rests on what backs it and on who can mint, freeze or pause it. Its identity is not independently verified, so it gets none of the allowances an established stablecoin gets: every power its owner holds over supply and transfers is scored in full, because a peg is only as good as whoever can mint. Basis: CoinGecko category: EUR Stablecoin. Tokenomics — Supply: mintable with no on-chain cap found. Control: a 3-of-6 multisig. Code: upgradeable proxy. Fees: no buy or sell tax. Market: $114K of DEX liquidity across 2 pools. Launch: 513 days of market history.
FixCheck what backs the peg and who controls supply: reserve attestations for an issuer-backed coin, collateral and governance for a protocol coin.
StatusAcknowledged

Category Ratings

TechnicalMedium6/10

The Token contract is an upgradeable ERC-20 implementation, inheriting from OpenZeppelin's robust libraries for access control and upgradeability (7.1 Architecture). It includes standard ERC-20 functions and additional privileged functions for managing system and admin accounts, minting, and recovery (7.2 Code Security). A critical design choice is the reliance on an external `validator` contract, which must approve all `transfer` and `transferFrom` operations. The owner has the sole ability to change this `validator` contract via `setValidator`, introducing a single point of failure and potential for malicious redirection of transfer logic (7.3 Access Control, 7.6 External).

GovernanceHigh1/10

The contract's ownership is managed by a 3-of-6 multisig, which enhances security for critical administrative functions such as adding/removing system/admin accounts, setting mint allowances, and upgrading the contract (7.5 Governance). However, the owner (multisig) retains the ability to unilaterally change the `validator` contract through `setValidator`. This external validator dictates whether any token transfer is permitted, giving the owner significant control over the token's economic flow and potentially enabling arbitrary transfer restrictions or censorship (7.4 Economic, 7.3 Access Control).

UpgradesHigh1/10

The Token contract utilizes the UUPS proxy pattern, allowing for future upgrades to its logic (7.7 Upgrades). This provides flexibility for bug fixes or feature enhancements. The upgrade process is restricted to the contract owner, which is a multisig, adding a layer of security to prevent unauthorized upgrades. Proper testing and auditing of upgrade proposals are crucial to maintain system integrity.

Security Checklist

1/5 checks passed
Contract VerifiedPass
Ownership RenouncedFail
No Mint FunctionFail
Liquidity LockedFail
Not a ProxyFail
HoneypotNoneBuy Tax0.0%Sell Tax0.0%

Proxy Upgrade Controls

Proxy TypeEip1967 Uups
ImplementationVerified source
Upgrades (30d)0 · stable

Holder Composition

79.6% in top 10
66.7% in wallets11.8% in contracts
Effective Concentration71.4%

Share held by contracts — treasury, vesting, bridge or staking — is discounted against share held by wallets when the score is computed: a contract cannot decide to sell the way an anonymous holder can, though it can still be drained or voted to sell. Effective concentration is the figure the risk score is actually calculated from.

Liquidity Depth

$114.5K across 2 pairs
UniswapUSDCanalysed$114.4K100.0%UniswapWETH$540.0%

The risk score reads depth across every pair. The volume figure and the volume-to-liquidity ratio elsewhere on this page describe only the pair this audit analysed, so the two are not directly comparable.

LP Distribution

Top-1 Unlocked Holder100.0%
Top-3 Unlocked100.0%

Key Addresses

3 addresses
Deployer
0x7987…43ca
Unlocked LP Held By
0xfbc6…38c40x331d…1204

What Raised This Score

5 factors
  • A privileged address can replace a contract every transfer depends on
  • Mintable supply — no cap found, dilution unbounded
  • Upgradeable proxy — the admin can replace the logic
  • Liquidity NOT locked (100% of the pool) — who holds it cannot be verified
  • Top-10 concentration > 70% (79.6% total → 71.4% effective; 66.7% in EOAs, 11.8% in contracts; 1.1% burned, locked or in pools excluded)

Each factor is an on-chain fact recorded at the time of this analysis. The score is computed from them by a deterministic function, so the same contract returns the same score for anyone who runs the audit. How scores are computed

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