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I am thinking of investing in a new erc-20 token that looks good but it seems that the developers are connected with some fraudulent coins. The Dev says that scammers are creating smart contracts and transferring ownership of the fraudulent contract to the original developer's contract to steal money from buyers. So my question is, is it possible to transfer ownership from one contract to another without signing the transaction? And if yes, how can scammers transfer funds? I think only the owner can transact. Thanks!

I googled but couldn't find an answer

Uncol Gadoblog
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is it possible to transfer ownership from one contract to another without signing the transaction?

Only a transaction can store state changes - for example value of a variable hold an authorized address.

So while it is possible to transfer contract ownership, it is not possible to do so without a transaction.

Petr Hejda
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  • "while it is possible to transfer contract ownership, it is not possible to do so without a transaction" I understand that in order to carry out said transaction it must be signed by the original contract, therefore the scammers could not transfer ownership of the fraudulent contract to the original. Is this true? If so, they have been about to scam me. – Uncol Gadoblog Nov 26 '22 at 08:29
  • @UncolGadoblog It needs to be signed by a transaction sender, which is an end user address - not a contract. Usually the original owner address but theoretically that doesn't have to always be the case. – Petr Hejda Nov 26 '22 at 08:54
  • So scammers can transfer ownership from a fraudulent contract to a legitimate one and make buyers believe that the fraudulent contract is the good one. This is very dangerous, isn't there a way around it? – Uncol Gadoblog Nov 26 '22 at 09:02
  • @UncolGadoblog Yes, this is technically possible... I don't often buy tokens, so I don't feel competent to be able to answer on trading research questions. – Petr Hejda Nov 26 '22 at 09:16
  • Thanks very much, you have cleared all my doubts. My account is new so I can't give reps or mark your answer as correct, sorry. – Uncol Gadoblog Nov 26 '22 at 09:45