Scammers are always finding new ways to deceive people and steal their assets, especially in the growing world of Web3. One of the latest schemes is known as the honeypot scam, which can lead to significant financial losses for its victims.
The term “honeypot” is commonly used in cybersecurity to describe a deceptive setup designed to attract individuals. In the case of a honeypot scam, scammers create smart contracts that appear to have a design flaw, making it seem like anyone can extract Ethereum (ETH) from the contract by sending a certain amount of Ether in advance. However, when someone attempts to exploit this vulnerability, a hidden trapdoor that the user is unaware of prevents them from gaining access to the funds. The main objective is to divert the user’s attention to the visible vulnerability while hiding the existence of a secondary vulnerability within the contract.
Victims of honeypot scams are usually lured by the promise of easy access to a wallet. For example, scammers may claim that the wallet’s recovery phrase has been leaked, tricking victims into thinking they can transfer funds from it. However, to complete the transaction, victims are often required to deposit a native network token to cover the transaction fees. Unfortunately, a script or “sweeper bot” quickly redirects these tokens elsewhere before the victim can take any action, resulting in the loss of their assets.
To protect themselves from such scams, crypto holders can use Web3 Antivirus (W3A), a browser extension that performs real-time smart contract and token analysis. This tool can be integrated with popular browsers like Chrome, Firefox, Brave, and Edge, allowing users to interact safely with decentralized finance (DeFi) and Web3 applications.
Web3 Antivirus stays up-to-date with the latest scam techniques and continuously improves its honeypot detection. In its version 0.10 update, the tool significantly enhanced its detection precision, identifying the exact type of honeypot encountered by users and preventing potential losses.
In addition to honeypots, version 0.10 introduced detection for other scams such as direct transfers, eth_sign signatures, permit attacks, and phishing contracts and swaps. Web3 Antivirus monitors and tracks suspicious activities not only within the contract the user interacts with but also related contracts. It helps users avoid rugpulls, Ponzi schemes, terrorism financing, spam, and theft.
Recently, Web3 Antivirus released version 0.11, which provides more clarity on transaction details. It shows users the possible decentralized exchange (DEX) pairs and their liquidity when they want to buy ERC-20 tokens. The latest version also monitors transaction tax fees, alerting users when the commission exceeds 15% and flagging anything above 50% as a honeypot scam.
Web3 Antivirus is working towards making its tool accessible to Spanish-speaking users and is continuously improving its localization options.
Thanks to Web3 Antivirus, the Web3 space becomes safer, which is crucial for mass adoption. By quickly detecting scam techniques like honeypots, permit attacks, and phishing, this tool protects crypto users from potential financial losses.
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