Topic: Be cautious of honeypot scam in Airdrop (Read 142 times)

The rate at which scammers are flooding the crypto industry we need to be careful. Expecially the telegraph tapping and airdrop. I keep telling people there is no free money in cryptocurrency, all we need is investing in a potential coin like bitcoin, having patient of holding for long instead of rushing into those scam projects.

I think what this scammers normally do is to lunch a real project like a coin, they will be the highest holders of that coin and will have a community of investors which can add liquidity to the coin when launched. As the coin is launched they will use there fund to buy alot of coin from the exchange thereby increasing the liquidity of the coin and investors will be tricked to invest, the more new investors comes to buy the more  demand becomes higher and higher. after a certain Level the scammers will pull out there liquidity by selling all the coin they bought initially including the ones they have as reserved, selling all those coin will make the price of the coin in the market to dip significantly and all other investors will start selling until the innocent ones will be left with millions of rugpul coin. And that is the end of the project.

Another one they do is that you will participate in a telegram aidrop after completing the task they will send you an airdrop coin in your trust walllet, a fake price will show alongside your coin and you will be hoping it's a real coin. They will tell you to unlock your coin with using either USDT or etherium or any other coin they claim there project is connected to, after you may have send a real coin to the address they gave to you, when you want to swap there token to USDT you'll discover that it has no liquidity. No matter the slippage tolerance you set it up n trust wallet you can't swap it. Please let's be guided in all this fake project on telegram. When something is too good to be true we have to run as fast as possible, not chasing after rats and losing an elephant. This cheap projects are misleeding people in the concept of bitcoin and investment, most Bitcoin investors has pull their fund out from bitcoin in the sake of making a quick profit and at the cost of that, they lost heavy fund to this scammers and these thing is significantly decreasing the number of bitcoin investors and it may also be one of the reasons bitcoin Growth is becoming slower except for new investors that will try to add more liquidity to the market.

This one na just a perfect example of that phrase which say there is nothing like free money anywhere. The reason why people even fall for these scams is because of the majority of people telling their greed to get a hold of them because it's only your greed that can possibly make you to do such nonsense with your money claim they can give you x 1000 of that money you paid.

True though actually base on their approach even a legit Airdrop will also require to the tx fee from the smart contract call which is a similar approach they did here while the $30 will somehow seems reasonably to many simply because it's on the Ethereum blockchain which everyone mostly tagged with outrageous gas fee but with the contract address it was clear that's an honey pot through a smart contract call though like you said an Airdrop paying such amount for nothing even special is already a red flag.

Actually this is a new one, the common scam is for them to ask you to send tx fee through Telegram which started 2020 when Telegram bot mining of coins started but majority are now aware and now they improve from it by going to act like an existing project which has liquidity, which means if you do research about the coin like checking coinmarketcap and the likes you will see people are actually trading, then this disqualifies it of being an honey scam like we have also seen on Telegram mining bot but while you try to withdraw through your trust wallet or any other wallet of such by the smart contract then you're given a coin/token that doesn't exist and you lose your tx fee

While it may seems people are moving into Telegram for mining this is how it was 2020 when mining cryptocurrencies like LTC, doge and likes were possible through Telegram bot,
aside Telegram bot people still fall scam through those smart contract calls from scam projects and other false airdrops in the Web.

This is ignorance being ruled by greed which will likely cause them alot in the crypto space in a nutshell, that means if there's a Telegram bot claiming to allow you mine bitcoin thus easy many will still fall, anyway there are still people who fall for the most dumbest scam such is life sadly

 

There're actually legit airdrop projects which NotCoin has really set up a good phase for tapping game projects. Whoever that's participating on airdrops projects should have two thing's in mind that you'd make it rewardedly or you'll have it all waste of time.
Indeed there're also legitimate airdrops that requires some fees for gas and all that in other to be able to make your withdrawal after project tasks are accomplished. We've similar bounty projects like that even in this platform but it is always advisable to be wise and if you can afford the fee chargee, take it to be gambling because it's of 50/50.

Some people don’t understand airdrop and that is why they get scam, imagine someone chat me on telegram or I’m doing an airdrop and anyone message me to put money before I can be able to withdraw from the airdrop and i believe, that will never happen, airdrop is not something that you need to rush, I have a friend who is into airdrops but coming to scam him you can never try that, although no one is above mistakes but he is very smart and good in time of airdrop, for me I don’t do airdrops because I’m that kind of person that doesn’t like any stressful stuff because I always see airdrops like a stressful stuff.

And another one of the reasons why I don’t believe in some airdrops is because there are many airdrops online and you will not know the one that is legit or not, airdrops are not like before that you will do airdrop and you will be expecting something from it, many airdrops fake and at the end you will see that they can’t even launch the airdrop coin, Airdrops is just something this days.

Actually, I won't blame them I just blame the new telegram mining techniques like the tapping games which has configured cryptocurrency like a very simple and quick way of making money. It has given out the wrong idea about cryptocurrency making new investors flood the market without even getting to learn what it is or how to even secure their coins. Though it's free money and I believe that's just for now. If we remember sometimes ago, we didn't even think much about airdrops because most of them are just honey pot scams like op has shown here. Soon it will be back. Many of these new false crypto investors who rush NOT COIN and waiting to rush the rest upcoming one will end up falling victims. You don't expect such people not to pay for fees even if it's big. Just a little scam script and they will all fall for it.

My issue is just how they have painted crypto to be. The other day, I was listening to some people bragging about how many tap games they have entered and received coins at that time. Then one of them said if Bitcoin would just create such games, they will become so rich. I just shaked my head and walked by. They literally no nothing. The worst part is that most of them barely even know how to withdraw these airdrops. If you ask they will say trust wallet and bybit.

Some people don't really understand how airdrops work. The first phase to knowing that it's entirely a scam is that a project that is willing to give you $1300 of their token for free can't even afford to pay for the $30 fee for you. That aside, anyone who understands how network fees work should also know that the fee is not even up to that high, so what do they want to do with the rest of the fee if it's not a scam? 
 
Some people allow their desperate need for money to blindfold them from seeing what's clearly a scam in front of them, or will I call some of the action an act of greed, being too greedy? Like, maybe after all, why not pay the $30 when I will get $1300 at the end? It's just a fee to pay after all. I just hope a lot of people learn from this experience, do more research before they fall victim to more scammers traps, and fill their pockets.

I spoke about doing airdrops to get more bitcoin and I remember I also spoke about the risk in it.

A friend of mine showed an Airdrop were she would be paid about $1300 but seeing that amount it was obvious to me it was a scam and I told her that immediately, because she was required to pay about $30 for tx fee with ETH or Bnb.
With the fee I was able to guessed it was an honeypot scam, sadly a friend of mine fell for one last week where he lost about $25 trying to swap the token.

Telegram has always been a den for scammers don't be deceived doesn't means because people make up hundreds of thousands of naira in notcoin then you will expect something like that from other airdrops don't aim high $20 is even a good thing to be thankful of.

Scammers are beginning to use this to lure people, they are always innovative don't be swayed be guided. Actually it was difficult for me to identify where they were lying here because the coin they actually offered to give was a legit one .

This is just me completing the bot task, the contract address used by them is for an actual coin existing already.

clicking the coinmarketcap link there will take you to the actual GRT token at coinmarketcap which has been existing about 2 years ago and so many will think it was legit.


Now trying to withdraw will redirect you to use trust wallet through the link provided on the image above which will then take you to the next image on the right side above.

Now if you noticed the contract address there, you will see it's a totally different one from what the bot ask of you. Scammers are becoming more innovative and so we also must be guided and not ever believe too good to be true event like this even if there was a good one that pays recently like Notcoin still yet don't let your guard down or be greedy.

Please try to tell those who are just coming into crypto space about the risk of Airdrop though it's starting to pay again but they still need to know the risk to be guided because if they fall into any of these scams especially how things are going in the country they may likely just not to believe/
Inves on any cryptocurrencies or bitcoin again, we where once like them though Thank God such setbacks didn't stop us but we might have seen others who stopped after that and have missed alot now .