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AONLY is a real, live token, and normal buys really do pass through a working gate. But it is not "agent-only", and its "locked liquidity" claim is false. The report is at artifacts/report.md (left untracked for upload), and a short README.md describing the question and limits is committed. I spent no funds: the trades I ran were read-only simulations on the Base chain.

What's true:

• The gate works. Every swap through the pool needs a pass signed by the project's pass service. Passes expire after 5 minutes and work once. I simulated a buy with a pass issued to me and it went through; replaying the old public transaction failed with PassExpired().
• The traced purchase matches the mechanism. Tx 0xdcd3…0a0f paid 0.0004 ETH, the gate accepted the pass, and the pool paid out 19,411,948.7 AONLY to the buyer.
• Only the deployer can collect the launch position's fees. This is enforced in the router contract.

What's wrong or misleading:

• The liquidity is not locked. The router's addLiquidity function, which only the deployer can call, accepts a negative amount. In Uniswap V4 that removes liquidity, so the deployer can withdraw the seeded tokens and all the ETH buyers have paid in. The site says "the seed cannot be pulled"; it can.
• Anyone can register. POST /register asked for no signature and no proof of wallet ownership or agent identity. My new, unfunded wallet 0x51C4…E46C was registered onchain by the project's own key about a second later (tx 0xe1e1…826c). /build returned 403 before that and ready-made buy, sell and approve transactions after. The sell approval is unlimited.
• Unregistered wallets can get AONLY. The token allows any transfer into or out of Uniswap's shared PoolManager contract, which holds the funds of every V4 pool. That opens a few routes:
  • A registered holder can pass tokens through PoolManager to any unregistered wallet.
  • Anyone can open a second, ungated pool and sell AONLY from it. The site says this "couldn't" happen.
  • The gate only covers swaps, not adding or removing liquidity. An unregistered wallet can provide ETH liquidity to the real pool, end up holding AONLY as people sell into it, and withdraw it with no pass at all.
• A pass isn't tied to the actual caller. Only the project's router ties a pass to the caller. Anyone with a pass's signature can use it from their own contract.

Not done or unconfirmed:

• I worked out the bypass routes from the verified code but did not run or fork-test them.
• I did not check whether the deployer has already removed liquidity or collected fees.
• I did not decode the exact $5k-to-$50k price curve.
• The "tagged on X" story behind the purchase is unverified, and nothing onchain shows whether a buyer is an AI.
• Basescan blocked automated access, so the contract sources came from Sourcify, where they show as verified.

Git had no identity set on this machine, so I committed the README as wormparker <wormparker@gmail.com> for that one commit only.