Floki Inu Knock-Off Ends Up Being Honeypot Scam
According to an alert issued by blockchain security firm PeckShield, Snowflake Floki, a knock-off of the Floki Inu meme coin, is a honeypot scam.
#SCAM PeckShield has detected that @snowflakefloki is a #honeypot! Sell is disabled. People are constantly being trapped into buying. Stay *AWAY* from it!https://t.co/6sd6K4hm2x— PeckShieldAlert (@PeckShieldAlert) December 28, 2021
As the name suggests, a honeypot sham traps users into buying tokens while disabling the ability to sell them. Buyers’ money effectively gets stuck in the contract since all withdrawals are disconnected. Typically, scammers blacklist all other wallets apart from their own.This type of scam is not new. Ethereum users have been dealing with honeypots for years. Since Binance Smart Chain is much cheaper for issuing tokens, such scams became a common occurrence on the popular smart contract blockchain.Source