Be Cautious of honeypot token

[MeCsc]

I got an Airdrop token about $100,I told a friend of mine about it but his reply was like 'Have you heard about Honeypot token scam', I was perplexed at first,Then I did research about it and discovered that the $100 dollar Token is an Honeypot token. Here is what I found out from my research :
Honeypot is a term use by Cyber security professionals to tag something that attract one's attention and then trap them.
Honeypot crypto scam are Tokens which one are unable to sell. This is different from lock tokens because when you try to swap or sell the token your gas fee are stolen and transferred to the scammer wallet. It may look cheap but imagine accumulating gas fees of about a thousand victims, that huge right?
Aside from stealing the gas fee the scammer may also be able to steal wallet key phrases.

How to discover honeypot token
They are mainly created on Ethereum, Binance and Polygon Blockchain.
If the token is on binance smart chain then you can search for the token on bsc scan through the token Contract Address and look for its liquidity (check the numbers of sell order of the token),while use EtherScan for Ethereum token and Poly Scan for polygon token.
When checking for the number of sell order, observe that if the number of sell is small be cautious and if they are no sell order then it will likely  be an honey pot token.

Note: If you see only green candles on the chart across all timeframes, chances are, there have been no sell order and so its likely a honeypot token

If the token is on binance smartChain you can also use Poocoin to check for the liquidity.

There are other ways to know if a token is an honeypot, this include
1 Verifying their website :
If the website has a poor development that a warning. You can also check when the domain name is registered by typing the domain name on  whois.domaintools.com and if the token is registered some hours or 24 hours before the project starts, then its likely a scam.

2  They don't have review from Trustworthy company

3 Avoid Tokens having few or wallet for holding it

4  Check their Social Media Account. Scam projects usually have stolen and low qualities photos, grammatical errors, no links about the information of the project and making post like : drop your Eth address

5  Check for reviews about the Token before investing

6  Sending spamming messages in your Dm, which includes their wallet key phrases. This is mainly seen on Twitter, Discord, Facebook and any other social media.
I once got one on Twitter, Never what it was called but I knew definitely that it was a scam because of the fact that no body will just give out their wallet key.



There are other ways for identifying Honeypot Token, So I will like those who don't know about this scam to  do more research, To know more about how it works and how to identify them

[Upgrade00]

Avoiding this is pretty simple if you;
• Ignore unsolicited messages. They usually send this to social media accounts which has a link to the crypto industry, either from what is on your feed or your bio,
• Do not apply for random airdrops, avoid them entirely if you can,

If it's too good to be true, it probably is.

[Taskford]

Avoiding this is pretty simple if you;
• Ignore unsolicited messages. They usually send this to social media accounts which has a link to the crypto industry, either from what is on your feed or your bio,
• Do not apply for random airdrops, avoid them entirely if you can,

Good points to remember since no legit project will do hard selling to make their project successful. For sure they have good community covering them up to make their project successful, so those who pm random users to hype a project maybe have bad agenda on why they do that so we need to be more cautious on offer what we can read on our private messages. If its to good to be true its provably not true the word is simple but worthy to remember to avoid get scam by those random scammers.

[cryptoaddictchie]

If someone promoted you any proposal and keeps on insisting then avoid it, overselling means they got an agenda on it. Most likely to try to scam for those who ever got interested. There are so many promotions like discount or airdrops and you should recognize that to avoid such risk.  I think Ive got victimized of this one time, due to my degen apetite but it turns out a scam at the end.

[vv181]

This is different from lock tokens because when you try to swap or sell the token your gas fee are stolen and transferred to the scammer wallet. It may look cheap but imagine accumulating gas fees of about a thousand victims, that huge right?

Gas fees are not transferable. You must be mistaken for something else, or maybe can you show some reference about that.

I once got one on Twitter, Never what it was called but I knew definitely that it was a scam because of the fact that no body will just give out their wallet key.

It is widely called a multi-signature scam, mostly happening on Tron. The seed phrases given is legitimate, but the trick is, that particular account(wallet) has been set up to require another different account to authorise the transaction.

The wallet truly has some tokens and the scammer lures the target to take away that token by making them send some coins for the gas fee. The target can't do anything since the wallet itself is fully controlled by the another wallet.

[yhiaali3]

My wallet is full of Honeypot, they do not stop sending them randomly to many wallets, at first I was trying to sell these tokens but I lost the fees.

Now I know them completely by seeing the token without even searching, often on the Binance network when you try to Approve the tokens, the fees are 0.0003BNB if the fees are more than that you have to know that it is scam and these fees will go for his own pocket.

[Apocollapse]

This is why you need to clean up your wallet by revoke it using these tools [1] [2]

You can easily to avoid this problem by not sharing your address to public or unknown person and don't join any altcoins airdrop. If you don't keep a track which coin you're joining the airdrop and you're not really careful, you have a risk to lose all of your coins.

[1] https://revoke.cash/
[2] https://app.unrekt.net/

[moneystery]

It's very simple to avoid this, never swap tokens that you find suspicious, usually these token honeypots have quite a lot of holders and not a lot of transactions. And don't ever exchange tokens that you think you've never participated in, usually most people exchange tokens they get because they see the price is pretty good, even though they've never participated in the project before.

[DapanasFruit]

In my many Trust wallets, I got many tokens which got no real value and they were sent to me without my knowledge. I don't usually touch them especially selling them because I am afraid something can happen to my legitimate coins and tokens. As the industry of crypto and blockchain is spreading, more and more people are taking advantage of others and they are usually using their creative power to fool people out of their hard-earned digital assets - and that certainly include the use of honeypot mechanism. We should always be careful and hopefully newbies should learn the things to avoid in here so as to never be a part of the victim statistics. 

[StormHawk]

I never liked honeypot, someone have to shill the altcoin to me before and I see another Pi Network, I lose interest straight away, projects like this have no utility and they are there to just give away some free coins, also if anyone receives coins or tokens that they are not expecting, such coin or token is from scammers, do not try to outsmart them, once you do that the tokens that you purchased with your money will disappear.

[jostorres]

In my many Trust wallets, I got many tokens which got no real value and they were sent to me without my knowledge. I don't usually touch them especially selling them because I am afraid something can happen to my legitimate coins and tokens. As the industry of crypto and blockchain is spreading, more and more people are taking advantage of others and they are usually using their creative power to fool people out of their hard-earned digital assets - and that certainly include the use of honeypot mechanism. We should always be careful and hopefully newbies should learn the things to avoid in here so as to never be a part of the victim statistics. 

These tokens have a value but they are still fake. They only imitate the original token's name but if you will compare them carefully, that's the time you will see their difference. You can't sell them obviously but if you attempt to, that will be dangerous because your wallet might get hacked.

When you apply for an airdrop, bounty or similar, it would be better to use a disposable wallet only and then delete them after use, so that your main wallet will be safe from these threats. If a newbie will only take time to read, they can come across information like this and they will know what to do next. Learning is free but it only takes time so one must not be lazy.

[TribalBob]

honeypot tokens are fantastic in price, if ordinary people would have been tempted and entered into a trap after the incident just regretted it and this was the cause of bad crypto, even though we can personally see with the naked eye it is impossible for people to just give money without doing anything. airdop just a dime we do the task does not generate more than 10 $

[Yamifoud]

We have to know the importance of RESEARCH before investing. Scammers are just around us OP, we never know their plan that is why we should be cautious when investing and never be in a hurry. And aside from that don't invest in a project because someone or a friend of yours told you but rather make your research as well. Don't let other people make a decision on your behalf but rather make it because you are sure that you are investing in the right coin and the right project.

[DeathAngel]

Avoiding this is pretty simple if you;
• Ignore unsolicited messages. They usually send this to social media accounts which has a link to the crypto industry, either from what is on your feed or your bio,
• Do not apply for random airdrops, avoid them entirely if you can,

If it's too good to be true, it probably is.

Good advice especially the bolded. Unheard of, new airdrops are very dangerous. There are way too many grifters trying to take advantage of naive, hoping to get rich quick investors.

Only recently people were getting scammed by people taking advantage of dumb people around the Arbitrum airdrop. Seriously when something looks too good to be true, it almost certainly is. Nobody gets given loads of money easily, life doesn’t work like that.

[serjent05]

This is why you need to clean up your wallet by revoke it using these tools [1] [2]

You can easily to avoid this problem by not sharing your address to public or unknown person and don't join any altcoins airdrop. If you don't keep a track which coin you're joining the airdrop and you're not really careful, you have a risk to lose all of your coins.

I do not think that not sharing your address in public is of any use to avoid this kind of attack.  Remember, these people look at the blockchain explorer, so any address used can be seen on it even though you never share your address.  I think the best thing is to either revoke it as you stated or just ignore this bunch of suspicious tokens. 

Just don't be greedy and access its site giving access to your web wallet.  It is always best to verify anything and be vigilant.

[Quidat]

Avoiding this is pretty simple if you;
• Ignore unsolicited messages. They usually send this to social media accounts which has a link to the crypto industry, either from what is on your feed or your bio,
• Do not apply for random airdrops, avoid them entirely if you can,

If it's too good to be true, it probably is.

If its too good to be true then it would really be definitely a scam or fraud or something that it isnt really worth to deal with.There are lots of shit projects and fraud projects in the market.
If you are really just that sensible towards things then you wont really be that easily get hooked and put yourself in danger. There are lots of verifiers which we could make
use online where you could see if its really that worth to deal with or not. Always having that DYOR behavior and you should
really be that fine.

[abel1337]

This is why I have several wallets. I have personally allocated 2 wallets for airdrops which is for a quality/anticipated airdrops and a low quality airdrop which doesn't need enough effort to participate in. My low quality airdrop wallet is full with this kind of token even I haven't even really applied to get an airdrop for that certain token, They send it on their own and actually you can't swap it or sell it because it's locked that's why I'm guessing it's a honeypot token. I think the scammers has some kind of database to where they will send their token for accumulative fake airdrops they have made. This is also why I rarely use or open that low quality airdrop token because of how useless and non-sense it is to use on our existing time and date. 

[Captain Corporate]

This definitely happened a lot during the hey day of defi project period. Plenty of people sent fake tokens to steal from people and it was certainly not a good period, a lot of people lost a lot of money. Unfortunately, just because we are in a secure crypto space, if you give the rights to someone else, they will steal from you. You have to use that security to make sure that everything goes smooth, if you end up just giving rights by clicking things without really knowing what they are, then they are going to just take your money. Millions and millions of dollars were lost to this type of honeypot method.

[BlackBoss_]

If you are not hurry to touch those honeypot scam tokens airdropped to your wallet and let them there a few weeks, it will be marked as scam after reports from community.

[Guide] Check honeypot scam tokens

[Kelvinid]

The majority of the airdrop coins are scams and it was an issue many years ago that is why only a few people have the guts to waste their time looking for something worthless. Yes and this honeypot token has been made for this such a thing. Now, if we care about our money, therefore, we need also to know more about the project before buying them. Many people sell their coins on social media offering a very cheap price - no, we should not buy them or any token.

I guess most of us know the market situation already and it is hopeless for a project to grow or this token gets a value if no use case.