1 Executive Summary

In November 2020, we conducted a security assessment of Paxos’s multisig wallet contract. This wallet is based on Christian Lundkvist’s SimpleMultiSig contract, which we previously reviewed.

Paxos’s modification allows the set of owners to be changed after the wallet is deployed. This report focuses on the impact of those changes.

We performed this assessment between November 7th and November 10th, 2020. The engagement was primarily conducted by Steve Marx. The total effort expended was 8 person-hours.

1.1 Scope

File Name SHA-1 Hash
SimpleMultiSig.sol 80d54d79fa1ec6268ad42d01f393417edb47bdc5

2 Recommendations

2.1 Update to a more recent version of the Solidity compiler ✓ Fixed


The Solidity version was upgraded to 0.6.11 in paxosglobal/simple-multisig#8. This is the latest version supported by Slither.
As a general best practice, we recommend updating to the latest version of the Solidity compiler. A recent compiler version would also enable a few small improvements, which are listed as separate recommendations.

2.2 Convert DOMAIN_SEPARATOR to be immutable ✓ Fixed


This has been fixed in paxosglobal/simple-multisig#9.

Starting with version 0.6.5 of the Solidity compiler, state variables can be marked as immutable. Such state variables must be initialized in the contract’s constructor. Otherwise they function much like constants. This is a good fit for the DOMAIN_SEPARATOR, which is computed at runtime to include the contract’s address but otherwise acts as a constant.


bytes32 DOMAIN_SEPARATOR;          // hash for EIP712, computed from contract address

2.3 Convert the assembly call to Solidity ✓ Fixed


This has been fixed in paxosglobal/simple-multisig#9.

Starting with version 0.5.0, the Solidity function no longer has the padding bug described in This means it’s possible to get rid of the assembly block in execute() and instead use Solidity. This is a small win for readability.


// If we make it here all signatures are accounted for.
// The syntax is no longer recommended, see:
nonce = nonce + 1;
bool success = false;
assembly { success := call(gasLimit, destination, value, add(data, 0x20), mload(data), 0, 0) }

2.4 Update comments about state mutability ✓ Fixed


This has been fixed in paxosglobal/simple-multisig@3824608.

Comments accompanying the isOwner and ownersArr state variables indicate that they’re immutable, but in the modified version of the contract, both can be changed after deployment.


mapping (address => bool) isOwner; // immutable state
address[] public ownersArr;        // immutable state

3 Findings

Each issue has an assigned severity:

  • Minor issues are subjective in nature. They are typically suggestions around best practices or readability. Code maintainers should use their own judgment as to whether to address such issues.
  • Medium issues are objective in nature but are not security vulnerabilities. These should be addressed unless there is a clear reason not to.
  • Major issues are security vulnerabilities that may not be directly exploitable or may require certain conditions in order to be exploited. All major issues should be addressed.
  • Critical issues are directly exploitable security vulnerabilities that need to be fixed.

3.1 Owners can never be removed Critical ✓ Fixed


This has been fixed in paxosglobal/simple-multisig#5, and appropriate tests have been added.


The intention of setOwners() is to replace the current set of owners with a new set of owners. However, the isOwner mapping is never updated, which means any address that was ever considered an owner is permanently considered an owner for purposes of signing transactions.


In setOwners_(), before adding new owners, loop through the current set of owners and clear their isOwner booleans, as in the following code:

for (uint256 i = 0; i < ownersArr.length; i++) {
   isOwner[ownersArr[i]] = false;

Appendix 1 - Disclosure

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