Renouncing

Renouncing a smart contract means that the contract’s creator(owner) will no longer have control over it.

In fact, the owner of the contract usually transfers his ownership from that contract to address 0.

The advantages of this work include the following:
— increased security
— Preventing Rug Pulls
— Community Confidence
— Trustless and transparent

The owner of a contract can usually do many things, such as minting the token.

A token contract that has not been renounced has a high probability of scamming you

Because the mint function of the token is still available for the current owners of the token and they can easily dilute the token.

What happened to ScrollPump?

    function mint(address to, uint256 amount) public onlyAuthorized {
        _mint(to, amount);
        _addHolder(to);
    }

How to find this red flag?

First, the mint function, which can only be called by the contract owner, can be identified with a rule semgrep.

In the next step, in the Read tab, look for a keyword such as Owner to find out whether the ownership of the contract has been transferred or not.