This security tool can detect honeypots and other Web3 scams
Honeypot scams can cause significant losses. The latest antivirus update has the ability to detect not only honeypots but also various other scams in the Web3 space. As the Web3 world evolves, so too do scam techniques. As crypto literacy continues to grow among all demographics, scammers are developing new approaches and refining old tricks to bilk victims out of their assets. One of the newer schemes is referred to as the honeypot scam. This tactic may have a soft name, but can create severe losses. How does a honeypot scam work? The term “honeypot” is commonly used in cybersecurity to describe a deceptive setup designed to attract individuals. Honeypot scams include several fraudulent schemes. One of them involves smart contracts that feign a design flaw that allows any user to extract Ether (ETH) — Ethereum’s native currency — from the contract by sending a certain amount of Ether in advance. However, when a user attempts to exploit this apparent vulnerability, a hidden trapdoor,...