Paxos Gold Smart Contract Rated Low On-Chain Risk, Centralization Flagged as Key Threat

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A DeFi security research team published a vulnerability analysis of Paxos Gold (PAXG), a tokenized gold asset on Ethereum, on October 26, 2023. The protocol holds approximately $1.91 billion in total value locked and is backed 1:1 by physical gold bullion held by Paxos Trust Company. Analysts assigned an overall risk score of 3.2 out of 10, citing minimal on-chain attack surface due to the contract's straightforward ERC-20 design with no complex financial logic. The greatest identified risk is centralization, as Paxos holds sole authority over minting, burning, and pausing the contract, meaning a compromised owner key could have critical consequences. Secondary risks include off-chain dependencies such as vault security and regulatory compliance, as well as vulnerabilities that may arise when PAXG is used as collateral in third-party DeFi protocols.

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