Stop, little pot Stonfiers! As you know, any user can add their token to the STON.fi DEX using the contract address. This provides more trading opportunities but also carries certain risks.
We remind you that community tokens have not been added to the default list, and they do not have liquidity guarantees. Trading any tokens should be done with an understanding of all risks.
In the previous post, we talked about rug pulls and fake tokens. Today, let's talk about honeypots.
Honeypot, as the name suggests, is a dangerous fraudulent tactic. Honeypot is a coin that can be freely purchased, but selling it will only work from certain addresses (of course, scammers' wallets). Its creators ensure the coin's market growth by actively buying it with their funds and spreading fake advertising on social networks. Attempting to sell the coin results in the transaction being canceled for the user. Scammers blame the exchange, slippage, or technical issues on the blockchain, and then sell the assets and disappear with the earned funds.
How to protect yourself from fraudulent schemes?DYOR - Do Your Own Research. Always.
Research all available materials about the project and the development team.
Pay attention to liquidity volumes, price impact indicators, and other metrics.
Look at the asset's price charts, find out what exactly contributed to its popularity.
Don't believe artificially created hype.
DYOR, so any operations with any tokens will bring more opportunities, and your funds will be safe.
Stay tuned!
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