In the world of cryptocurrencies, where innovation and technological development go hand in hand with risks and security threats, there is an acute need for tools that protect investors from fraudulent schemes. One of the most cunning tactics used by fraudsters are the so-called "honeypot" tokens - traps created to attract capital from unsuspecting investors, after which the funds become locked or lost without the possibility of return.

Honeypot.is is a service that will help you avoid falling into such schemes.

In this article, we will talk about the eponymous service for checking for honeypots - Honeypot.is, discuss its advantages and disadvantages, and provide a brief guide on how to use it.

Honeypot.is Website

What is a honeypot

Honeypot (literally from English "honey pot") in the world of cryptocurrencies is a manipulative smart contract that acts as a trap for uninformed investors. This term is borrowed from the field of cybersecurity, where honeypots are used to deceive and catch hackers. In the context of cryptocurrencies, a honeypot serves as a warning that the world of digital assets is not as straightforward as it may seem at first glance, and requires vigilance and deep analysis from investors before investing.

Learn more about what a honeypot is in our article:

• What is a Honeypot? One of the popular types of scams in cryptocurrency

About the Honeypot.is Service: Pros and Cons

Honeypot.is is a service for checking a token for being a honeypot. We discussed what a honeypot is above. As of the time of writing this article, you can identify a scam token in two networks: ETH and BSC.

Among the obvious advantages of this service are that it is fast, simple, and convenient.

The downside is that it works with tokens only in two networks.

Honeypot.is Website Review

Using the honeypot.is website is quite simple. Here is a brief guide:

(1) You can insert the token contract address to check for honeypot, (2) you can change the network, (3) check for honeypot, and (4-5) statistics of the TOP tokens by growth over 24 hours and a week, respectively.

The website has an identical interface for the Ethereum network.

After you enter the contract address, it will indicate whether the token is a honeyp ot or not.

Using DOGEFORK as an example, we show what a non-honeypot looks like:

And now, what a honeypot looks like using AVATAR as an example:

P.S.: Keep in mind that the contract status can change at any moment. Therefore, check the information more carefully and pay attention to the sections "TOP HOLDERS" and "LIQUIDITY HOLDERS".

Conclusion

Internet security is very important. Equally important is security in the crypto sphere. To protect yourself from falling for one of the most popular fraudulent schemes, use the Honeypot.is service when investing in lesser-known tokens.

In this article, we reviewed the honeypot checking service - Honeypot.is, talked about its pros and cons, and provided a brief guide on how to use it.

This concludes our short article. If you have any questions, feel free to ask them in the comments.

We hope this article was useful to you. Wishing you successful and profitable investments!

Honeypot.is Website