ChainGPT_Pad official X post 2096947613992161423

"Renounced ownership" is the line that calms a room fastest, and it covers less than it sounds like.

Renouncing means the owner address is set to zero, so nobody can call the owner-only functions anymore. That part is real and it does matter.

But plenty of tokens sit behind an upgradeable proxy: the address you hold sends every call to a second contract holding the actual code. Swap that second contract and the rules change while your address stays the same.

Swapping is done with the admin key, which renouncing ownership never touches.

On a block explorer, if the contract page shows a proxy tag, look for who the admin is before you read the renounce announcement as final.