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December 6, 2023
December 6, 2023

Red Mullet Tech Ltd conducted an extensive security audit for the IPMB Token. The goal of the audit was to thoroughly assess potential vulnerabilities in order to ensure the security of user funds within the IPMB Token smart contract. 

The report summarises the findings and recommendations.

About Red Mullet Tech Ltd

RedMullet Tech is a boutique research and development company for Web3 applications that are built on top of blockchain architectures.

Audit Process

Red Mullet Tech Ltd audit rigorously tested the IPMB smart contracts against both standard and unconventional attack vectors. Key aspects of Red Mullet Tech Ltd methodology included:

•  Comprehensive testing against known and emerging attack vectors.

•  In-depth codebase analysis for adherence to current best practices and industry 


•  Verification that the contract logic aligns with the client’s specifications and 


•  Comparison of contract structure and implementation with those of leading industry 


•  Detailed manual review of the entire codebase by experienced industry professionals.

Audit Findings

The IPMB smart contract audit relayed positive findings with only two ‘low-severity’ issues, which will give our community and the industry a firm assurance of the security of the IPMB Token.

The audit report found two low-severity issues 

1. Owner Privileges 

2. Missing checks on array lengths in batch transfers 

IPMB’s reason for the issues mentioned in the audit report 

Owner Privileges
This gives us the ability to move the smart contact to a new wallet owner. This has no repercussions since the wallet owner can perform no special actions other than transferring or renouncing his ownership of the contract.

Missing checks on array lengths in batchTransfers() function. This also has no repercussions in the context and the use-case of the function batchTransfers where the offending code appears.

To read the entire Smart Contract audit report, click here.

What this means for you

The importance of the smart contract audit, security, and transparency for IPMB is crucial. 

The two low-severity issues in the audit report are noted by IPMB however, we feel this has no impact on our token holders, and we do not see them being vulnerabilities in the project.

As we explore decentralised technologies and blockchain, the strength and reliability of smart contracts are key for project success, particularly when a substantial volume of physical gold underwrites our token.

IPMB will continue to seek third-party review on its proprietary technologies as the project moves forward to ensure complete security for our user base.

About IPMB

The IPMB Ecosystem offers direct access to physical gold, allowing exposure to the stability of gold and the speed and security of the blockchain through a dual-token model.  Through this innovation, IPMB is striving to change the gold industry forever.

IPMB’s mission is to provide the world access to unlimited economic freedom and opportunity, giving choice and control to accelerate a global transition to a low-cost, unified and transparent global currency.

‘From the mine to the vault, and in the cloud’, IPMB manages and operates physical gold production, sourcing, beneficiating, exporting, refining, stamping and vaulting of gold.

The IPMB Ecosystem is at the heart of the IPM Group, a group of companies spanning three continents and five countries.