Battle Training #2 — Honeypot
Do you know what a Honeypot is in crytpo?
A honeypot is a contract that allows you to buy but makes it impossible for you to sell, usually by setting the selling fees to 100%.
Let’s look at this example (dHEDGE) of what a Honeypot chart looks like:
- There are only Buys!
You will say: “Wait! But I see 2 sells, right?”
Well, Yes and No.
You do see 2 sells, but they are most likely sells from the Dev’s wallets to trick potential investors into thinking that all is good with the contract and that they can sell if they want.
Investors are trapped forever! They see their investment raise in value on paper, but they can’t sell. Later the Dev will remove liquidity and run away with their hard earned money.
But what if we tell you there is a very quick way to check if a project is a Honeypot?
Whenever you want to check a contract go to this website:
https://honeypot.is
It currently works for both BSC and ERC networks.
For the Ethereum Network click on Ethereum Detector (Uniswap V2) (1):
Enter the contract address on the search bar (2) and click to see if it is a honeypot (3).
If it is a honeypot the message will be very clear and explicit. BIG RED FLAG! If you are a Shartan go into every chat group you know and warn your fellow investors about it! RAID everywhere!!!
If it says “honeypot” it is a honeypot, but please beware that this check is not 100% reliable. There may be false negatives: unflagged Honeypots. Sometimes it will say “Does not seem like a honeypot” but, in orange, you will see the “at the moment” comment, meaning with the current contract settings.
So don’t assume a project is not a Honeypot just because it dodged this red flag. Further research is always needed.
Regardless, this is currently the quickest way to find honeypots and should be the first check you always do!
Stay tuned for more battle training episodes.
If you are a visual person you can see even more content on our Youtube channel: https://www.youtube.com/channel/UCRKGoTAKgP_QbUtIc_1YGsw
We are creating an uprising against scams and rug pulls. Want to know what we are all about? Come check us out inside our Telegram Group: t.me/shartanentryportal
Until next time, stay safe ;)
Or in our Shartan words: SPEAR & SHIELD!
