How to Identify Crypto Scams?
There is no doubt that blockchain technology has shaped the future world, especially Defi(Decentralized Finance), which is the great revolution for finance. However, because of the decentralized attribute of blockchain, it also became a crime haven for scammers. It is a world riddled with elaborate scams to swindle investors' money. In general, the scams can be classified as Honeypots and Rug pulls(Learn: What's A Rug Pull in Crypto? ). In the article, we will mainly try to focus on crypto scams and show you how to find out a token scam. What Is a Honeypot Crypto? The term honeypot is a computer security term, it means baiting a trap for hackers. As a crypto honeypot, it is similar. Honeypot crypto is a cryptocurrency in which the honeypot creator (attacker) inserts a piece of code into the smart contract and makes it only the honeypot creator (attacker) can sell or withdraw the crypto. With the feature of concealment, it is less obvious and more difficult to detect, even ...