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How To Avoid Crypto Scams? Rug Pull, Honeypot Scams Explained



Crypto scams like rug pull and honeypot, have you heard of them?

What is a rug pull?
A rug pull is a malicious scheme in which a bad actor takes away your investments from a liquidity pool. The term comes from the action of pulling a rug underneath someone so as to remove stability. While toppling you over, the scammer takes your crypto with them. This happens when an investor trades a token that they think might have some value. But in reality, the token is worthless. The developer has made it seem like it’s worth something by hyping it up on social media.

What is honeypot?
Honeypots are crypto scams that allow investors to purchase tokens but disable the selling of those tokens. The scammer would insert a code into their smart contracts which only permit certain addresses in their favour to sell the tokens. This then leaves the unsuspecting investors with worthless tokens.

One way to spot a honeypot is when there are a string of buys on the token with hardly to none sells. The price chart usually shows a continuous uptrend, baiting investors into buying it. Once the price has appreciated significantly, the scammer will begin selling their tokens until they have none left. Eventually, the price will depreciate so drastically that the token becomes worthless and investors are unable to get their crypto back.

This video guide teaches you how to spot scam tokens, and gives you top tips to avoid them!

Links Mentioned
Etherscan: https://etherscan.io/
BscScan: https://www.bscscan.com/
Honeypot Detector: https://honeypot.is/
RugDoc: https://rugdoc.io/
Token Sniffer: https://tokensniffer.com/
BSCheck: https://www.bscheck.eu/

Timestamps
00:00 Intro
00:30 What is a Rugpull?
01:37 What are Honeypots?
02:45 8 tips on spotting crypto scams
06:15 Final thoughts

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#Crypto #Rugpull #Honeypot

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44 Comments

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