Is Snowflakefloki a Honeypot Scam?

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Key Takeaways:

  • Today morning PeckShield notified people about a snowflakefloki scam.
  • PeckShield detected that snowflakefloki is a honeypot.
  • People can buy Snowflakefloki but cannot sell them.
Is Snowflakefloki A Honeypot Scam?
Is Snowflakefloki a Honeypot Scam?

Today morning PeckShield notified people about a scam. They said that PeckShield has detected that SnowflakeFloki is a honeypot. Sell is disabled. People are constantly being trapped into buying. They have warned people to Stay AWAY from it.

Many people have tweeted about it that it is a scam because all of their funds got vanished after buying snowflakefloki. Snowflakefloki has blocked many of them on Twitter when they have complained about it to them. Many people have already lost their money in this scam.

Honeypots are smart contracts with a design flaw that allows an arbitrary user to drain Ether (Ethereum’s native currency) from the contract if the user sends a specific amount of Ether to the contract ahead of time. When the user attempts to exploit this apparent flaw, a second, yet unknown, trapdoor opens, preventing the ether draining from succeeding.

The goal is for the user to focus solely on the visible flaw and ignore any indications that the contract has a secondary flaw. Honeypot attacks work because people are frequently duped, just as they are in other types of fraud. As a result, people’s avarice and assumptions make it difficult to quantify risk. 

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Chaahat Girdhar
Chaahat Girdhar

I'm Chaahat Girdhar, a journalist by profession who's turning her dreams into vision and vision into reality. I'm curious and have an appetite for gaining new knowledge. So I'm looking forward to learning things in the better way possible.

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