How you can avoid Honeypot
How Honeypot Sc@ms Lure and Lock Your Tokens!
The name Honeypot comes from the idea of using something sweet and tempting like honey to lure in a target. Just like a pot of honey attracts bears or insects, a honeypot token or wallet looks appealing and valuable, but once you reach for it, you get stuck or trapped.
The name perfectly describes the sc@m: it’s something that looks like a reward, but it’s actually a trick.
A honeypot scam is a sneaky trick that scammers use to ste@l money from people by making f@ke promises. Imagine someone pretending to be a beginner in crypto, asking for your help. They say they just received a huge payout in crypto but don’t know how to move it or cash it out. To get your attention, they offer you a big reward for helping them.
To make it look real, they give you access to a crypto wallet filled with lots of tokens. But the fact is that those tokens can’t be used unless you pay a small transaction fee in a specific type of crypto. So, they ask you to send a little bit of your own crypto to cover the fees. It doesn’t seem like much, so many people go along with it.
How they accumulate vict|ms funds
As soon as you send the money, it disappears. The sc@mmer has a sne@ky tool called a “sweeper bot” that instantly grabs your funds and sends them to a wallet you can’t access. While each victim might only lose a small amount, sc@mmers do this over and over, making a lot of money in the end. The whole sc@m is designed to make you feel like you’re helping someone and getting a reward, when really, you’re being tricked out of your money.
Honeypot Tokens
There’s another type of honeypot sc@m that happens with tokens. In this version, a sc@mmer creates a fake cryptocurrency, usually a brand new or unknown token and builds a f@ke project around it. They make the token look valuable. This makes people think they’ve found the next big thing and they rush to buy in.
When buyers try to sell or trade the token, they find out they can’t. That’s because the token is rigged with special rules in its smart contract that block regular users from selling, while allowing the sc@mmer to do whatever they want. So, the vict!ms are stuck holding a worthless token they can’t get rid of and the sc@mmer walks away with real money.
To spot honeypot tokens and avoid getting tricked, you have to pay attention to warning signs. Look for things that don’t seem right. If you notice that you can buy a token but not sell it, that’s a huge red flag.
The best way to protect yourself is to do your research. Look into the token, the people behind it, and whether it’s listed on trusted platforms. Keep up with news about new sc@ms and always be cautious when someone offers big rewards for very little effort. Sc@mmers count on people getting excited and not thinking things through.
There are also specific, trusted tools designed to help you check if a token is a honeypot or not. These tools analyze the token’s smart contract and trading behavior to see if there are any restrictions on selling or other suspicious activities.
Some Honeypot detectors
→ @Token_Sniffer
→ honeypot.is
→ detecthoneypot.com
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