📰 Table Of Contents
Dechat Honeypot Scam Incident
New Web3 project Dechat faced a significant blunder during its token announcement on February 26. The project mistakenly shared a honeypot scam link, potentially exposing users to financial losses.
Discovery of the Mistake
Popular crypto investigator ZachXBT brought the mistake to light by sharing screenshots showing the Dechat team’s error in sharing the wrong smart contract address, leading users to the wrong Pancakeswap V2 platform.
Response and Fix
Upon realizing the mistake, the Dechat team admitted their error and rectified the issue, providing a secondary tweet to confirm the correction. They also announced that their native DECHAT token is available for trading on centralized crypto platforms like Kucoin, Bybit, Gate.io, HTX, and MEXC.
User Impact
While no specific amount of money lost due to the mistake was reported, one user claimed to have suffered financial loss and requested compensation.
Reactions and Crypto Scam Insights
ZachXBT responded to the user’s comment, expressing hope that the project would compensate for the loss incurred. Honeypot crypto scams, including the one involving Dechat, have become a prevalent issue in the crypto industry. These scams exploit loopholes to drain users’ funds and are relatively easy to create, often leveraging social media hype or automation for large-scale operations.
For instance, Certik, a blockchain security firm, cited an example of a honeypot scam involving the Squid Game token (SQUID), highlighting how the project team managed to make a significant amount of funds untraceable through a swift and deceptive maneuver.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
