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Snowflake Floki, a knock-off of the Floki Inu meme coin, is a honeypot scam

PeckShield just warned about a Floki Inu knock-off that ends up being a honeypot scam.

Snowflake Floki honeypot scams typically prevent buyers from selling tokens

A honeypot is a spoof that traps users into buying tokens while disabling the ability to sell them. The buyer’s funds are stuck in the contract because all withdrawals are disconnected. Usually, scammers blacklist all wallets other than their own.

snowflake-floki-a-knock-off-of-the-floki-inu-meme-coin-is-a-honeypot-scam

Source: BSCScan

This is not a new scam. Because Ethereum users have been dealing with honeypots for years. Since Binance Smart Chain (BSC) has been much cheaper to issue tokens, such scams have become common on the popular smart contract chain.

Snowflake Floki went live on PancakeSwap, a decentralized platform powered by Binance Smart Chain, and some followers immediately noticed the red flag. There is an easy way to detect honey stains, although not easy. A honeypot detector simulates a buying and selling transaction to determine if a certain crypto project is a scam.

At the end of October, a token inspired by Squid Game, Netflix’s hit survival drama series, hit the mainstream media after its price skyrocketed as much as 40,000% in a short time. However, there is a hitch: buyers cannot sell it due to the built-in anti-dump mechanism that plays an important role in increasing the token price. Expectedly, the token eventually turned into a scam that scammed millions of dollars of buyers.

Many unscrupulous people are also trying to take advantage of legitimate meme coins like Floki Inu and Shiba Inu.

Sign up for a Binance account here (Discount 10% trading fees): https://accounts.binance.com/en/register?ref=29171587

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