Noob question on erc20 token

[hopenotlate]

For yet another time I was added to a telegram pump/signal group which I usually instareport and delete but this time  I was bored and got curious :  of course I didn't invest any single cent in it but decided to stay in the group until their deadline would expire;  it lasted a week during which they were periodically sending reminders in "mooning soon" style. No one can write or comment in the group.
When finally the token was revealed I digged into it a bit but I have never been involved so much in erc20 tokens/smartcontracts and therefore my knowledge is limited.
Found oud this



What does that 99% sell tax mean? Does it mean token creator eats 99% of the sell price and only 1% hits the seller's wallet?

[OmegaStarScream]

That's correct. That's a red flag. You can also try this site[1] to get more information about the smart contract.

A lot of people are trying to chase "the next big memcoin" by joining these type of groups but sadly, they'll probably lose a lot of money before stumbling upon that one coin.

[1] https://honeypot.is/

[Odohu]

For yet another time I was added to a telegram pump/signal group which I usually instareport and delete but this time  I was bored and got curious :  of course I didn't invest any single cent in it but decided to stay in the group until their deadline would expire;  it lasted a week during which they were periodically sending reminders in "mooning soon" style. No one can write or comment in the group.
When finally the token was revealed I digged into it a bit but I have never been involved so much in erc20 tokens/smartcontracts and therefore my knowledge is limited.

I will advice you change the privacy settings of your telegram to avoid random people adding you into groups. I have been scammed before through that means, so I learnt from it by adjusting the privacy of my telegram account to allow me join group myself and not be added by random people or even bots.

What does that 99% sell tax mean? Does it mean token creator eats 99% of the sell price and only 1% hits the seller's wallet?

It means that if you connect your wallet to interact with their smart contract, they will drain your wallet from the tax and the other fees you see their percentages specified. It is definitely a scam setup to steal people's fund.

Some go as far as delivering the token to your wallet and  you could see the price through onchain data collected by Coinmarketcap. If you attempt to sell the token in PCS or any other DEX, they will drain your wallet.

Therefore, I will advice you leave the group and never attempt to connect your wallet to interact with their smart contract. Finally,  adjust your telegram privacy to avoid future recurrence. 

[hopenotlate]

That's correct. That's a red flag. You can also try this site[1] to get more information about the smart contract.

A lot of people are trying to chase "the next big memcoin" by joining these type of groups but sadly, they'll probably lose a lot of money before stumbling upon that one coin.

[1] https://honeypot.is/

thanks for the link, wasn't aware of that site/tool.

What does that 99% sell tax mean? Does it mean token creator eats 99% of the sell price and only 1% hits the seller's wallet?

It means that if you connect your wallet to interact with their smart contract, they will drain your wallet from the tax and the other fees you see their percentages specified.  

Understanding the meaning ot that 99% I highlighted in the picture ( also other ones) is the main purpose of my thread: are you sure about the bolded part ? Because OmegaStarScream  above you stated a different thing.
I mean the way it is displayed there may induce a noob like e in thinking they will "drain" 99% ot the sell price but I cannot spot anywhere else they will drain all my wallet : or is there a way just by checking that dextool page?

[Odohu]

What does that 99% sell tax mean? Does it mean token creator eats 99% of the sell price and only 1% hits the seller's wallet?

It means that if you connect your wallet to interact with their smart contract, they will drain your wallet from the tax and the other fees you see their percentages specified.  

Understanding the meaning ot that 99% I highlighted in the picture ( also other ones) is the main purpose of my thread: are you sure about the bolded part ? Because OmegaStarScream  above you stated a different thing.
I mean the way it is displayed there may induce a noob like e in thinking they will "drain" 99% ot the sell price but I cannot spot anywhere else they will drain all my wallet : or is there a way just by checking that dextool page?

Read through this article [1] for more clarity on what I said.

Some tokens contain a 99% sell fee which will steal all your money at the selling phase.

It is all about stealing your funds the moment you interact with their smart contract.

MSD (MetaSwords) is another scam token created for the same purpose and distributed to over 93k people [2]. Any attempt to interact with the smart contract will result in loss.

[1] https://research.checkpoint.com/2022/scammers-are-creating-new-fraudulent-crypto-tokens-and-misconfiguring-smart-contracts-to-steal-funds/

[2] https://bscscan.com/token/0x6156a4372ffdf1c61c99f763d8e6b88795cb316f?a=0xef956b70dc23a84e7f96bb7dfb8fa291412095c2

[cryptoaddictchie]

What does that 99% sell tax mean? Does it mean token creator eats 99% of the sell price and only 1% hits the seller's wallet?

From what I can sense or understand based on using dex. Yes it is the tax is quite high and even though its highligted as green means 99% is deducted on the transaction dont know where it will go probably owners wallet or burn if specified. I thought the poster is newbie since its a newbie question on title, was shocked that you are a legendary. Probably you are new to altcoins. Be careful on this space a lot of scam especially on shitcoin.

[hopenotlate]

I thought the poster is newbie since its a newbie question on title, was shocked that you are a legendary. Probably you are new to altcoins. Be careful on this space a lot of scam especially on shitcoin.

eheheh yes my bad, my limited knowledge of programming languages made me almost always stay away from most tokens, I probably missed good opportunities but at the same time I avoided falling into expensive traps.
I chose the "better safe than sorry" way in my crypto journey even if I have not always managed to be on the "sorry" side.

[zasad@]

I thought the poster is newbie since its a newbie question on title, was shocked that you are a legendary. Probably you are new to altcoins. Be careful on this space a lot of scam especially on shitcoin.

eheheh yes my bad, my limited knowledge of programming languages made me almost always stay away from most tokens, I probably missed good opportunities but at the same time I avoided falling into expensive traps.
I chose the "better safe than sorry" way in my crypto journey even if I have not always managed to be on the "sorry" side.

I sometimes like to test such tokens. For this purpose, I create a new wallet, transfer the required amount to it, which is less than $10, and see what happens in practice in smart contracts and what permissions I give. There is a lot of scam in telegram and most of the new tokens are related to scams.

[cryptoaddictchie]

eheheh yes my bad, my limited knowledge of programming languages made me almost always stay away from most tokens, I probably missed good opportunities but at the same time I avoided falling into expensive traps.
I chose the "better safe than sorry" way in my crypto journey even if I have not always managed to be on the "sorry" side.

Oh I didnt know any language programming mate. Just used to some trading terms and applications while doing trading. Yeah youre right sometimes its better to be cautious, but I admint that I am more risk taker than other users when it comes to altcoins. I think the best way to profit and dont missed some potential one is be updated on socials and whats on trend then add a little bit caution. Throw some eth or stables on things that might have a good narrative.