Honeypot crypto scams are sophisticated traps that allow users to buy tokens, but block their ability to sell, locking them into the scam. They exploit smart contract vulnerabilities, often seen in decentralized finance (DeFi) environments like Ethereum or BNB Smart Chain. Common tactics include implementing malicious code within the token's contract that allows only the scammer to execute sales, hiding blacklists, and imposing excessive sell fees. With scams evolving rapidly, investors must exercise caution by testing contracts, scanning code, and avoiding hype-driven investments.
Modern honeypot scams involve deceptive tactics such as tampered wallets sold on platforms like TikTok, which are preloaded with private keys used to instantly steal funds.
In decentralized finance, honeypots are designed to look legitimate, allowing buyers to purchase tokens while quietly preventing them from selling or accessing their funds.
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