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- A Honeypot scam contract platform has been discovered by the researchers at The Coin Republic that allows users to create scam contract tokens with no effort, in just four basic steps.
- The Honeypot scam contract platform claims to have created more than 1000 such contracts and has listed its top scam tokens, including Squid Game scam token, $SQUID, as well.
- The platform of Honeypot scam contract also offers a guide to manage a rug pull with your first contact creation. The surprise comes as the top listed scam tokens also include the ones that are still live.
The crypto industry has observed massive adoption with constantly increasing popularity in the past few years. With vast use cases, blockchain technology eliminates the involvement of any third parties, distributes power over the network equally, and simultaneously brings security to never imagined before digital assets. However, with mass adoption comes popularity and increased use cases, which further brings the attention of bad actors towards the industry. As per some reports, hacks and scams in the crypto industry have surged by 80% in 2021, which signifies how popular the industry is.
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Now imagine, despite the increasing number of hacks and scams, if someone makes it easier to pull a scam such as a honeypot or a rug pull when the need for security and elimination of bad actors is at its peak, where would the industry’s future be. Today, we’ll discuss a platform of Honeypot scam contracts with similar intentions that the researchers at The Coin Republic have discovered.
The Honeypot Scam Contract Platform
A HoneyPot Scam Contract platform has been recently discovered that claims to support users for the easy creation of scam tokens.
The above picture shows the website’s interface, which acquires a dark theme and begins with a horizontal bar with top crypto tokens’ details and their growth percentage that the platform has created. It was surprising that the platform has listed the popular Squid Game scam token, $SQUID, with a growth of 75,732,781%, the highest among all other listed scam tokens. Other popular scam tokens listed include Elonomics ($ELONOM), BigDaddy ($BGD), MoonXD ($MNXD), ShibaMusk ($SHIBX), Doge Universe ($SPACEXDOGE), and Baby Floki Billionaire ($BabyFB).
Statistics Of Anonymous Wallet Behind Honeypot Scam Contracts
When you hit the “create your scam token” button, a token creator page opens, displaying just four basic steps to get your contract running. One cannot move ahead without completing the first form that seeks the token details. The other steps include whitelist addresses, payment, and download contract screens. As per The Coin Republic’s researchers, the platform asks for a payment of 0.2 BNB on an unknown wallet address before providing the scam contract. Further detailed research revealed the activities of the wallet address, which highlight that the payments received by the address are further being distributed into numerous wallet addresses, indicating that the individual or group of individuals tend to hide their identity.
The Platform Services
The honeypot scam contract platform also highlights different points that explain that it is 100% profitable, you have the right to create as many tokens as you want, now scam scanning websites can scan contracts generated by it, and how it traps users and does not let them sell or swap token once bought, resulting in price hikes, tricking users resulting in attracting more users.
The website also claims that once you create your first HoneyPot scam token, it will serve the contract with a detailed guide you to create a token on BEP20, verify your contract on BSCscan, lock liquidity, get token listed on various platforms, edit the contract and even how to do a rug pull, and also tells you that all the included steps wouldn’t cost you more than 0.05 BNB.
Then comes a title that says, “The Secret #1 Front Run Bot For Free [ LIMITED TIME ]”, below which the links to access remix and front-run smart contract has been mentioned. At last, a youtube video has been embedded that explains how he made 972 BNB using the PanCakeSwap Front Running Bot.
The honeypot scam contract website has gained $421 million worth of tokens to date and has created a total of 1,464 scam contracts. Despite so many contracts being created on the website, the platform has an average active user count of about 100 or more, which is alarming.
Scam Tokens Still Live!
Some of the listed scam contract tokens, BigDaddy ($BGD) and MoonXD ($MNXD), are already dead, however, some are still live. Elonomics ($ELONOM), ShibaMusk ($SHIBX), Doge Universe ($SPACEXDOGE), and Baby Floki Billionaire ($BabyFB) are still live, which means there might be a risk that these token will perform a rug pull or honeypot scam. Users should stay alert and aware of such possible risks and double-check every detail of these tokens before making any decisions.
What Are Rug Pulls & Honeypots?
Rug Pull refers to a malicious event in the crypto industry where cryptocurrency developers leave the project and escape with the investor’s funds. Whereas a honeypot is a smart contract that showcases an obvious flaw and allows user to drain Ether from the contract if a user sends a specific amount of Ether to the contract when a user does so, a trapdoor opens that prevents Ether from draining, and the attacker gains all the cryptocurrency.
Disclaimer – It should be noted that the team at The Coin Republic is not related to the honeypot scam contract platform in any manner. The research has been published with the only aim to make users aware of such honeypot scam contract websites, and we do not intend to promote it.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
