honeypotchecker

Honeypot Detector for BSC, ETH, AVAX, FTM, POLYGON, SOLANA, CARDANO, CRONOS, KCC, HARMONY, MILKOMEDA, METIS, DOGE CHAIN, HECO, ETC, ARBITRUM, EthereumPow, OKC, OPTIMISM Network

Rugpulls and Honeypots. What they are and how you can avoid them.

Thousands of new coins appear every day. Many of them are what you would call shitcoins. But almost equally as many others are simply new projects that have a real purpose and are just getting started. After all, every project has to start somewhere. Pancakeswap for example started on the Binance Smart Chain and is now one of the largest exchanges.
And then there are the real scam coins, which is what you usually read about when people lose all their money. Yes, you can lose money the "natural" way if the project simply doesn't take off as expected, but the vast majority of losses are caused by scams. Since we deal with this on a daily basis, We thought it would be good to develop a tool to help you guys who may be buying these smaller coins detect those scams and hopefully prevent you from losing your money.
The vast majority of scams can be divided into either Rugpulls or Honeypots. So let's start with..

Rugpulls

Why are they called rugpulls?

Imagine you're standing on a carpet. You're safe because the carpet is your support. Now, this evil guy comes along and pulls out the rug underneath your feet. That's a rugpull. You lost your support. It works the same way with coins. When you buy a coin, it is usually supported by a Liquidity Pool. It's a collection of funds which are locked in the contract and provide a "pool" for you to buy and sell coins. Rather than waiting for someone to come along to match your buying or selling, you use the pool to trade faster.
What the scammers do is they launch a new coin, attach a liquidity pool to it and wait for people to start buying coins. Once enough people have bought the coin, the scammer will pull the liquidity pool, run off with the money and leave you with a worthless coin.
You won't find out until it's too late. It's usually that moment when your coin's value drops from maybe $0.0034823 down to $0.0000000 or $0.0000002.
Honeypots
To be honest, we never found an explanation as to why they are called honeypots, but you can pretty much figure out why on your own. It's basically a pot of honey where your money gets stuck and can't leave. They are often less obvious to the untrained eye and therefor also often more difficult to detect, even for people who trade smaller coins on a daily basis. Experienced traders routinely fall victim to honeypots because they see a coin pumping and jump in without verifying everything first.
What the scammers do is basically insert a piece of code into the contract which allows only their own wallets to withdraw from the coin. They launch the coin and people start buying. You see the coin pumping and think wow, this is amazing. It's just going up and up. There's little or no red candles on the chart. You will likely stay for a while until you think it's enough and try to cash out. And that's when you notice that you can't, because the contract says nobody except specific wallets can cash out. Your money is stuck forever and there is nothing you can do about it. The scammer can withdraw any time, though. Some of these scams go on for days or weeks and people think they found a real gem of a coin that is going to the moon and will keep buying.
Okay, I've had enough. How can I protect myself?

How do I check if the token is honey pot or not?

We had develop a honeypot checker tool for detecting scam projects. It is a honeypot detector for BSC, ETH, AVAX, FTM, POLYGON Network!

How does it work?

Honeypot detector simulates a buy and a sell transaction to determine if a token is a honeypot

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Visit https://detecthoneypot.com for the tool