Quantum Audit Logo

Is Wrapped L1coin Safe?

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

Wrapped L1coin WL1
0xe652…4b22
Base
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

The HypERC20 contract functions as an upgradeable ERC-20 token with cross-chain capabilities. It features a robust ownership model managed by a multisig. Key administrative functions are restricted to the owner, but two significant issues were identified: privileged token minting by the 'mailbox' role and a state variable shadowing vulnerability. These findings introduce potential economic and technical risks that require attention.

1 High2 Medium4 Informational
Volume 24h
$153.2K
Liquidity
$345.6K
Price
$0.2425
Token Age
2mo
Top 10 Holders
63.1%

Security Findings

1 High2 Med4 Info
High

Shadowing state

CD-01
Issue—
FixReview the flagged functions; the static analyser reported this as `shadowing-state`.
StatusUnresolved
Medium

A privileged address can mint new tokens

CP-01A privileged function increases the total supply, diluting every holder. Functions: transferRemote(uint32,bytes32,uint256), handle(uint32,bytes32,bytes). Restricted to: mailbox.
IssueA privileged function increases the total supply, diluting every holder. Functions: transferRemote(uint32,bytes32,uint256), handle(uint32,bytes32,bytes). Restricted to: mailbox.
FixCheck who holds these functions and whether a timelock or multisig stands between them and holders.
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, 0x0974…fce6 — 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, 0x0974…fce6 — 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 63.1% of supply. Of that, 29.0% in DEX pools — not holders that can sell, so excluded from the concentration score. What remains: 10.7% in wallets, 23.4% in other contracts. 303 holders in total.
IssueThe ten largest holders own 63.1% of supply. Of that, 29.0% in DEX pools — not holders that can sell, so excluded from the concentration score. What remains: 10.7% in wallets, 23.4% in other contracts. 303 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 GenesisL1 (L1), market cap $11M, rank #1230. 303 holders.
IssueListed on CoinGecko as GenesisL1 (L1), market cap $11M, rank #1230. 303 holders.
FixMatch the contract address against the project's official channels before trading.
StatusAcknowledged
Info

The market for this token

QA-MARKETLiquidity $346K (DexScreener, all pools). 24h trading volume $222K (CoinGecko, all markets, daily snapshot). 24h trading volume $153K (DexScreener, all pools).
IssueLiquidity $346K (DexScreener, all pools). 24h trading volume $222K (CoinGecko, all markets, daily snapshot). 24h trading volume $153K (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: Project token

QA-PROFILEA token issued by a project for use, governance or fundraising. Scored on its contract and market facts. The class itself adds no points; the contract and market facts decide the score. Basis: no class-specific evidence. Tokenomics — Supply: mintable with no on-chain cap found. Control: a 3-of-5 multisig. Code: upgradeable proxy. Fees: no buy or sell tax. Market: $346K of DEX liquidity across 2 pools. Launch: 82 days of market history.
IssueA token issued by a project for use, governance or fundraising. Scored on its contract and market facts. The class itself adds no points; the contract and market facts decide the score. Basis: no class-specific evidence. Tokenomics — Supply: mintable with no on-chain cap found. Control: a 3-of-5 multisig. Code: upgradeable proxy. Fees: no buy or sell tax. Market: $346K of DEX liquidity across 2 pools. Launch: 82 days of market history.
FixCheck the project's own documentation for what the token is used for; this report covers what the contract allows.
StatusAcknowledged

Category Ratings

TechnicalMedium6/10

The HypERC20 contract functions as an upgradeable ERC-20 token with cross-chain capabilities, leveraging the TokenRouter and MailboxClient for interchain communication. Key administrative functions, such as `setFeeRecipient` and `enrollRemoteRouter`, are restricted to the contract owner, enhancing control (7.3 Access Control). However, the `transferRemote` and `handle` functions, callable by the `mailbox` role, can mint new tokens, posing a risk of supply dilution (7.2 Code Security, 7.4 Economic). Additionally, a state variable shadowing issue was identified, which could lead to unexpected behavior (7.2 Code Security).

GovernanceHigh1/10

The contract's ownership is securely managed by a 3/5 multisig, which is a strong governance practice for critical administrative actions like `transferOwnership` and `setInterchainSecurityModule` (7.5 Governance). The owner has extensive control over various operational parameters, including fees, gas configurations, and router enrollments, which is typical for a cross-chain token (7.8 Operations). A significant economic risk is the ability of the `mailbox` role to mint new tokens via `transferRemote` and `handle`, which could dilute token value if misused (7.4 Economic).

UpgradesHigh1/10

The contract is implemented as an upgradeable proxy, allowing for future enhancements and bug fixes, with the proxy admin also controlled by a 3/5 multisig, providing a robust upgrade path (7.7 Upgrades). This setup ensures that upgrades require consensus from multiple parties, reducing the risk of a single point of failure. No specific upgrade-related vulnerabilities were identified in the provided code map, indicating a well-structured upgrade mechanism.

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 Transparent
AdminOZ ProxyAdmin → Multisig 3-of-5
ImplementationVerified source
Upgrades (30d)0 · stable

Holder Composition

63.1% in top 10
10.7% in wallets23.4% in contracts
Effective Concentration20.0%

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

$345.6K across 2 pairs
Uniswap v3USDCanalysed$345.6K100.0%Uniswap v4ETH$40.0%

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

4 addresses
Deployer
0x0b9b…6a30
Unlocked LP Held By
0x0974…fce60x5a01…a6920x8424…7473

A privileged address — the deployer, the owner, or the token contract itself — is among these holders, so that party can withdraw liquidity.

What Raised This Score

5 factors
  • Mintable supply — no cap found, dilution unbounded; held by mailbox: Multisig
  • Upgradeable proxy — the admin can replace the logic; admin: ProxyAdmin -> Multisig
  • Liquidity NOT locked (100% of the pool) — withdrawable by the owner/deployer — rug-pull risk
  • Top-10 concentration > 20% (63.1% total → 20.0% effective; 10.7% in EOAs, 23.4% in contracts; 29.0% burned, locked or in pools excluded)
  • Code: Shadowing state (High, static analysis)

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

Related Audits

6 more on the record
Cysic (CYS)High RiskFLock.io (FLOCK)Critical RiskCoinbase Wrapped MEGA (CBMEGA)Critical Riskbasedpad.fun (BPAD)Critical RiskStrike Robot (SR)Critical RiskSuperfluid Token (SUP)High Risk

Would You Like a More Detailed Audit of Wrapped L1coin?

Our AI-powered scanner gives you a deeper, real-time smart contract analysis — free, with every scoring factor shown.

Get Detailed Audit