The Ethereum Token Honey Pot Scam – Warning!

The Ethereum coin has become one of the top-performing coins in recent years. One aspect of the Ethereum blockchain is their smart contracts, anyone can set up a token that runs off the back of the Ethereum blockchain. In this FAQ section, we will be bringing to light the honey-pot scam that has been taking money from unsuspecting crypto enthusiasts for years.

How The ETH Honey-Pot Works

The scam is foolproof, all you need is willing investors into your “great-new” token that claims to promise the moon or Mars. So, the scammer sets up a token, let’s call it $mooner, but before releasing that token to the crypto hoards you need to select a few boxes so unknowing investors can never take out their funds.

Yes, Ethereum has allowed this practice! Before submitting your token code you simply select the box: lock transfers. Once you select this box no one can sell their tokens, yes you can buy them but when it comes to selling your tokens you have a big NO!

• Setup your token and be sure to select no transfers
• Shill your new $mooner token to anyone
• Especially those astronauts looking too moon!
• Sit back and wait for your tokens to rise in value
• The more people who buy $mooner the more value your tokens become
• Leave the honey-pot sitting for a few months and wait for the revenue to rise
• Once you think you have maximum value, just simply remove allow transfers and remove your coins
• Once the scammer removes the tokens your investment will go to junk level
• The scammer has removed all liquidity from the token and everyone else was left wanting

Conclusion – Ethereum Token Honey-Pot Scam

How do we know about this scam? Because a few years ago we were caught out with it. Since then thousands of users have lost their funds with the ETH token scam. Since checking today they still allow this practice on their blockchain, why would this even be an option?

If you want to avoid this crypto token scam then always check the contract before making a purchase. If you are thinking about investing in a new Ethereum token then always check the contract so you do not get locked out from your investments.

Feedback From Other Readers

“I have been caught out with a scam on the ETHEREUM network, I purchased a token called $bone. It was a new coin and I invested a considerable amount approximately 5 ETH. I noticed not many investors and realized it was a copy of another popular token coming to the crypto market. I went to Uniswap to transfer back to ETH and noticed no liquidity! Yes, I lost the lot, only to watch the scammer take out 20%, 30% and so on. In the end, There was a few dollars left, no word from Ethereum because it was not their concern, totally lawless on the Ethereum blockchain!”

Have you been affected by the ETH token honey-pot scam? We want to hear about it, so we can share your experience with the crypto community so no one else becomes a victim of this easily rectified honey-pot system earning scammer millions.