1 high severity issue was found and fixed with the update. The contracts are highly dependent on the owner’s account. Users using the project have to trust the owner and that the owner's account is properly secured.

The developer team has responded to the initial version of this report and updated the contracts. Most of the issues have been fixed including the high severity one.

The contracts are deployed to the mainnet of Binance Smart Chain:

<a href="https://bscscan.com/address/0x4F3266a56589357B4f8082918b14B923693e57f0#code">0x4F3266a56589357B4f8082918b14B923693e57f0</a>&nbsp;LicoToken,

<a href="https://bscscan.com/address/0x25eF2439ee92552B6f58463394E66D289F9e7b7C#code">0x25eF2439ee92552B6f58463394E66D289F9e7b7C</a> MasterChefV3,

<a href="https://bscscan.com/address/0x6c3B1Ff7481fE0B106D046CfE60c5751caA30c7d#code">0x6c3B1Ff7481fE0B106D046CfE60c5751caA30c7d</a> LicoVault,

<a href="https://bscscan.com/address/0xd05176C5A049C0ACF946D8992016dE4c9A9761a1#code">0xd05176C5A049C0ACF946D8992016dE4c9A9761a1</a> RewardTimer.

The Liquid Collectibles team contacted us after the deployment. The&nbsp;MAX_EMISSION_RATE constant in the MasterChefV3 contract that is used in the&nbsp;updateEmissionRate() function was set to 50 wei instead of 50e18 of LICO token. Thus, owners of MasterChefV3 contract should never call this function unless they want to effectively stop minting the rewards. The emission rate could only be decreased from its initial value via closed pools with positive allocation. Users can check the licoPerSecond value to be equal to 5e18.

LicoToken

MasterChefV3

LicoVault

RewardTimer

This is a limited report on our findings based on our analysis, in accordance with good industry practice at the date of this report, in relation to cybersecurity vulnerabilities and issues in the framework and algorithms based on smart contracts, the details of which are set out in this report. In order to get a full view of our analysis, it is crucial for you to read the full report. While we have done our best in conducting our analysis and producing this report, it is important to note that you should not rely on this report and cannot claim against us on the basis of what it says or doesn’t say, or how we produced it, and it is important for you to conduct your own independent investigations before making any decisions. We go into more detail on this in the disclaimer below – please make sure to read it in full.

By reading this report or any part of it, you agree to the terms of this disclaimer. If you do not agree to the terms, then please immediately cease reading this report, and delete and destroy any and all copies of this report downloaded and/or printed by you. This report is provided for information purposes only and on a non-reliance basis and does not constitute investment advice. No one shall have any right to rely on the report or its contents, and HashEx and its affiliates (including holding companies, shareholders, subsidiaries, employees, directors, officers, and other representatives) (HashEx) owe no duty of care towards you or any other person, nor does HashEx make any warranty or representation to any person on the accuracy or completeness of the report. The report is provided "as is", without any conditions, warranties, or other terms of any kind except as set out in this disclaimer, and HashEx hereby excludes all representations, warranties, conditions, and other terms (including, without limitation, the warranties implied by law of satisfactory quality, fitness for purpose and the use of reasonable care and skill) which, but for this clause, might have effect in relation to the report. Except and only to the extent that it is prohibited by law, HashEx hereby excludes all liability and responsibility, and neither you nor any other person shall have any claim against HashEx, for any amount or kind of loss or damage that may result to you or any other person (including without limitation, any direct, indirect, special, punitive, consequential or pure economic loss or damages, or any loss of income, profits, goodwill, data, contracts, use of money, or business interruption, and whether in delict, tort (including without limitation negligence), contract, breach of statutory duty, misrepresentation (whether innocent or negligent) or otherwise under any claim of any nature whatsoever in any jurisdiction) in any way arising from or connected with this report and the use, inability to use or the results of the use of this report, and any reliance on this report. The analysis of the security is purely based on the smart contracts alone. No applications or operations were reviewed for security. No product code has been reviewed. HashEx owns all copyright rights to the text, images, photographs, and other content provided in the following document. When using or sharing partly or in full, third parties must provide a direct link to the original document mentioning the author (<a href="https://hashex.org">hashex.org</a>).

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