Knowing and Avoiding Honeypot Scam

In digital assets trading and investment, a honeypot can be described as a deceptive trap designed to steal funds from investors.

It's essentially a fake system that lures users into depositing cryptocurrency, but then prevents them from withdrawing those funds.

Honeypot is a bit different from ponzi. In ponzi Peter will be rob to pay Paul but in Honeypot, investors are lured to make deposits but hardly they can make a withdrawal.


Honeypot scams are often disguised as legitimate investment opportunities or new token listings, making them difficult for inexperienced investors to recognize.

How Honeypots work:

 *Deceit:*
Honeypots mimic legitimate crypto projects or smart contracts, often appearing to offer high returns or exciting features.

 *Luring:*
They trick users into sending cryptocurrency into the honeypot's wallet, often by promising a reward or allowing them to purchase tokens.

 *Seizure:*
Once the funds are deposited, the honeypot's code (usually a smart contract) is programmed to prevent withdrawals or to automatically transfer the funds to the scammer's wallet.

 *Sweeper Bots:*
Automated scripts, called sweeper bots, often monitor incoming transactions to honeypots and quickly transfer the funds to the scammer's wallet, making it impossible to recover the funds.

How do you identify Honeypots:

1. Lack of transparency about the project and their team members.

 *2. Unrealistic Promises:*
 Beware of projects promising extremely high returns or guaranteed profits.

 3. rapid price fluctuations or unusual buying/selling patterns.

 *Conclusion*
Honeypots and ponzi schemes  could be deceptive. They are  serious threat in the crypto space, and investors should be vigilant when evaluating new projects and smart contracts so as to avoid losing money unnecessarily.

In digital assets trading and investment, a honeypot can be described as a deceptive trap designed to steal funds from investors.

It's essentially a fake system that lures users into depositing cryptocurrency, but then prevents them from withdrawing those funds.

Honeypot is a bit different from ponzi. In ponzi Peter will be rob to pay Paul but in Honeypot, investors are lured to make deposits but hardly they can make a withdrawal.


Honeypot scams are often disguised as legitimate investment opportunities or new token listings, making them difficult for inexperienced investors to recognize.

How Honeypots work:

 *Deceit:*
Honeypots mimic legitimate crypto projects or smart contracts, often appearing to offer high returns or exciting features.

 *Luring:*
They trick users into sending cryptocurrency into the honeypot's wallet, often by promising a reward or allowing them to purchase tokens.

 *Seizure:*
Once the funds are deposited, the honeypot's code (usually a smart contract) is programmed to prevent withdrawals or to automatically transfer the funds to the scammer's wallet.

 *Sweeper Bots:*
Automated scripts, called sweeper bots, often monitor incoming transactions to honeypots and quickly transfer the funds to the scammer's wallet, making it impossible to recover the funds.

How do you identify Honeypots:

1. Lack of transparency about the project and their team members.

 *2. Unrealistic Promises:*
 Beware of projects promising extremely high returns or guaranteed profits.

 3. rapid price fluctuations or unusual buying/selling patterns.

 *Conclusion*
Honeypots and ponzi schemes  could be deceptive. They are  serious threat in the crypto space, and investors should be vigilant when evaluating new projects and smart contracts so as to avoid losing money unnecessarily.

I support you sir, how can we be using what we don't know the owner. Although the motive behind it could be the decentralisation of the bitcoin but then everyone is curious and anxious to know the creator. How can we safe our assets in a system where we don't know the founder.
However, if the U.S or any other institution or group wants to uncover who the founder is, it is very simple. I am very sure that before launching the ecosystem. There are certain necessities and requirements which will require documents and business owner profile also stating the business mission and vision. So from those documents there could be trace of satoshi Nakamoto.

1. Link to post: https://bitcointalk.org/index.php?topic=5537986.msg65286422#msg65286422
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2. Link to post : https://bitcointalk.org/index.php?topic=5538366.msg65286380#msg65286380
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3. Link to post: https://bitcointalk.org/index.php?topic=5534887.msg65167770#msg65167770
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4. Link to post: https://bitcointalk.org/index.php?topic=5533263.msg65114118#msg65114118
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5. Link to post: https://bitcointalk.org/index.php?topic=5533004.msg65106217#msg65106217
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U don't have to blame people because leaving bitcoin for bcex.my dear I just checked the price of buying one bitcoin and I discovered that I will need to have about 135,858,002.87NGN to buy just one bitcoin.
I a member of the forum has been anticipating to buy and hold but where can I have that kind amount of money from? The money is too big. I am a member of this forum discussing bitcoin everyday but I don't have bitcoin due to the requirement which is money. As at last year when I want to invest in cryptocurrency, I bought some Altcoins I was not happy and satisfied as I could not buy bitcoin. If I have the money I will buy and hold.

My country people all these Ponzi scheme don too do us something, make we shine our eye o. This current cbex Mata shake the county and the second in the country after MMM. So many other Ponzi scheme don come and go but this one pretend to be genuine thereby deceiving and gathering members. All other Ponzi schemes wey don come before MMM and after MMM no reach this one. this one na second in rank to MMM. Them collect up to 1.3trillion from Nigeria for this kind hard economy.
Around last week, there users begin they complain say dem no fit make withdrawals again, until this week wey dem come wipe money from the wallets of their users. The Mata no come end o, dem come instruct their members say make dem make extra payment into their account for verification to enable them for withdraw and any body wey for pay this one for pay tire because when u pay them go demand more till Ur eye open.
But shall, our ogbonge EFCC don assure us say their hand already they on desk to track and recover our money but make we give them time say around march them be don warn us say make we Dy alert for all there Ponzi schemes. Currently now them don Dy communicate with Interpol concerning the issue. So make we relax our money no fit go like that.
This one wey EFCC enter this Mata, hmm, the lost too much. Abeg effcc do something. Even if na for everybody to contribute some percentage give them after the successful work e for still good too.

https://punchng.com/youll-get-your-money-back-efcc-assures-cbex-investors/?amp

I have been a member of this community for the past one and a half year now. During my early beginning I was so determined and focused that one day I will rank up 'member'. Most times I just navigate on this forum without posting neither commenting just to gather knowledge. Here I am now a 'member' without belonging to any campaign projects after all my efforts. The only motivation to me as it stands right now is the derivative I could earn from the forum because I am 'demoraled' that is why I am inactive most time.
All I need now is someone who can guide me in joining a campaign as that will be my power and strength.

The best thing to do is to allow our investment with bitcoin because if you make the mistake of selling now inorder to avoid more loss I think that action will be regrettable.
This is a time where we maximize buying of  bitcoin rather than selling. Buy now that is cheap and resale when it is high and you make your cool cash. We don't need to panic because Bitcoin can never fail us, It has never. That is what market entails. Not every time do we expect profit of increment most time one of the key feature of a true market is its ability to be 'unpredictable'. After all the market is up today by +4.74%.

The best thing to do is to allow our investment with bitcoin because if you make the mistake of selling now inorder to avoid more loss I think that action will be regrettable.
This is a time where we maximize buying of  bitcoin rather than selling. Buy now that is cheap and resale when it is high and you make your cool cash. We don't need to panic because Bitcoin can never fail us, It has never. That is what market entails. Not every time do we expect profit of increment most time one of the key feature of a true market is its ability to be 'unpredictable'.

Despite the drop in the price of bitcoin, it is still  very expensive than land in major places in nigeria.someone willing to use this opportunity to have a share in bitcoin would still not be able to buy 1btc. I don't even know if there are other ways to own bitcoin.

Well, if they have been able to make this restoration then I think there is no cause for alarm since their customer didn't not witness failure on demand deposit. This is to tell us that they are prepared, ready and trusted for business as they were able to recoup their lost.
My advise is that people should patronise them more now inorder to offset the lost in the near future since constant transaction will generate more revenue for them. Than to leave them in fear since it can result to their liquidation.

The question is versatile and as such technical, nobody is able to tell which one is better than the other due to our unprofessionalism.
The only set of people that can give you an accurate answer to your question are the computer engineers that build the system and website.  Based on the protocols, manner and security measures applied when building the system, they will be able to tell which one is more susceptible owing to the method applied by the organisations. It will also interest you to know that banks use different engineering companies and each of them have their own way of setting up the server.

To me, if you want to hold Ur bitcoins it does require any special skill, the only factor to consider is the market dynamics, i, e, knowing when the market has fallen for you to buy and reselling when it is up as long as your investment are of long term you would definitely make it.
The trading aspect needs proper attention and professionalism so as not to make wrong decisions that will make you loose your money. Me myself I'm looking for who will teach me crypto trading as a whole. I have a friend who doesn't want t to teach me and he is doing well from it.

Having had interest for bitcoin among all altcoin, I tried to imagine if the price of bitcoin is reduced to atleast 80% so that It can be affordable, and before this is done a proper warning is sent to all the users and holders so that they can sell before time to avoid lost on their part and buy back when it is stable and relatively cheap.
The world is now digitalise where induction, orientation and serious campaign about bitcoin is prevailing but the major constraint for adoption is the price which had made old users to benefit from the system. For instance to own a bitcoin in my country is above a million naira. Where will one get this money from as a newbie. Let it not be as if there is no hope for us that are new to the ecosystem.

In my opinion trading is far more better, it is only when you don't know how to trade that holding will be the best choice. Have you thought about the profit you made from investment compared to the daily turnover from trading. A trader derived revenue daily as long as the market favours him or her.
That your friend that loosed, loosed when others gained don't forget, due to his inability to understand the market.  Although emotions will be sacrificed in course of this action.

In this regards he did not steal the money. He is not of the opinion to misappropriate public funds but it was a threat to his life and job for him to say no. Even if he rejects his own ration, others will take and also set him up.
He should just continue using the funds for social corporate responsibilities. Even if the law question him. He can proof that he used his own portion for government responsibilities (cateris paribus)

Atleast dem try reward small token for the effort. The money fit small but e mean a lot to many for this economy. Omoor, if to say the thing b turn out good, I for vex for myself, because I get equal chance to participate but I been no care. My instinct just no permit me to follow up. I no mine reach one week, I just tire.
I come Dy wonder say where the founders go get this kind money from pay all the participants because since I Dy hear of airdrops, no one reach hamster. Papa o, mama o, pikin o, follow for the competition to the extent some people create 2 and more accounts. Anyway God no go fail us. Bitcoin na Bitcoin. Na bitcoin lay the standard for others to follow, na this same mining dem do for bitcoin till dem launch am.

To me the rationale for this government rejection and opposition to cryptocurrency Is based on the fact that they feel it is the prayer of crypto users that the naira should be on the continuous fall inorder for massive cashout out. If u look at the matter the only sets or group that are comfortable if not for the sake of the economy is the crypto users because when dollar rises their revenue rises.
As regard this matter the feeling has nothing to do with reality is just like someone wishing to travel abroad or buying a car, it is only a wish which has nothing to do with the reality. I have a fine girl in my area I have been wishing to date. When I confront her I do receive the insult if my life. Then I wish my wish transforms to reality.
It is pertinent to keep our wallets not exchanges to avoid do u know me?

They say ignorance is not an excuse it is synequonon to failure. I have came across several advertisement where banks offer to sell shares to the public who are willing to buy, and judging from that kind of investment which is as same as investing in digital asset like 'bitcoin'.
Recently it was fidelity bank now gtb is now selling and the window is still open for potential investors. But I don't know if it profitable to invest.
One good thing I know about investments like this  is its stress-free nature. I doesn't need your time, effort, extra resources. With time your money appreciates like the bitcoin.
GTCO Group Managing Director Mr. Segun Agbaje disclosed that the group plans to issue nine billion ordinary shares of 50 kobo each at an offer price of N44.50 per share on the Nigerian Exchange Limited (NGX).
https://www.google.com/amp/s/nairametrics.com/2024/07/09/gtcos-n400-5-billion-public-offer-aimed-at-enhancing-capital-and-international-growth-agbaje/%3famp=1