A transaction analysis site called EtherWrapped airdrop a token called YEAR this past December 31, 2021. The problem is that the airdrop was a fake “promotion” that turned out to be a honeypot scam and harmed several investors.
The honeypot scam is accomplished by artificially inflating the price of a coin or token, but holders of these coins cannot sell, only buy. After that, the developers dump all their coins on the market.
This case became more common in 2021 and is remembered for the Squid Game token scam, which falsely used the name of the series produced by Netflix Round 6. It attracted so much attention that several community members were willing to find the scammers. , which has not yet happened.
Don’t trust, check (or stay out)
According to reports from a Twitter user, the EtherWrapped team hid the function that blocks the sale of tokens by using other function names, such as “renounceOwnership” and “burningMechanism”.
In other words, even more experienced users may have fallen for this scam since, at first glance, everything seemed to be right.
“What ‘renounceOwnership’ does is actually make the token a honeypot. Never believe what a function name tells you, but look at the logic [de programação] behind her! especially when you’re eager to buy a newly released token”
What the “renounceOwnership” does is actually making the token a honeypot😈 Never believe in what a function name tells you, but look at the actual logic! especially when you’re eager to ape in a hot new token
— TechnoArtoria (🦇,🔊) (@artoriamaster) December 31, 2021
Furthermore, the team appropriated its own name to promote the coup, showing that it was a serious project for the victims. Despite this, both their social networks and the website itself were deleted after the scam and are inaccessible.
Alert was made by the community
Even before the scam was applied, some users already pointed out that the token’s smart contract was actually a scam. It didn’t take long for the price to drop to zero, confirming what may have been the last blow of 2021.
“It is not possible to sell/ship, only buy…. And gone”
aaaaand its gone pic.twitter.com/KotyLQ8eBD
— Jordan Spence (spencecoin.eth) (@spencecoin) December 31, 2021
Finally, this is another reminder not to fall for scams in 2022. Try to remain calm and investigate the projects without haste, after all the scammers take advantage of these moments of euphoria that incline users to fall for all types of scams.
One of them was the false airdrop of MetaMask’s governance token, which ended up disappearing with millions of reais from heedless investors due to emotion.