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This Floki Inu copy turns out to be a possible honeypot scam

 


According to a warning from blockchain security firm PeckShield, Snowflake Floki, a copy of the meme coin Floki Inu, is a honeypot scam.

Snowflake Floki a Scam?

The blockchain security firm PeckShield issued a warning against the meme coin copy Snowflake Floki. According to the company, this project is a honeypot scam.

“ #SCAM PeckShield noticed that @snowflakefloki is a #Honeypot! Selling is disabled. People are constantly caught up in buying. Stay * AWAY * from it! ”

As the name suggests, a honeypot entices users to buy tokens while the ability to sell them is disabled. Buyers' money is effectively stuck in the contract as all withdrawals are segregated. Typically, scams blacklist all other wallets except your own.

This type of scam is not new. Ethereum users have been dealing with honeypots for years. Since the Binance Smart Chain is a lot cheaper for issuing tokens, such scams are accumulating in the popular Smart Contract Blockchain.

Snowflake Floki went live on Monday on PancakeSwap, a decentralized platform powered by the Binance Smart Chain. However, it was immediately clear to some followers what was going on. There's now an easy way to spot honeypots, albeit not a hundred percent fail-safe. A honeypot detector simulates a buy and sell transaction. This is how it can be determined whether a particular cryptocurrency project is a scam or not.

In late October, a token inspired by Squid Game, Netflix's hit survival drama series, hit the headlines after its price shot up a whopping 40,000% in a very short period of time. There was a catch, however. Buyers were unable to sell the token due to the built-in anti-dump mechanism that played the key role in inflating the token price. As expected, this token was a scam that eased buyers by millions.

Many bad players also try to capitalize on legitimate meme coins such as Floki Inu and Shiba Inu.

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