2023: The Rise of Honeypot Scams
In 2023, the DeFi space saw an explosion of sophisticated honeypot scams targeting inexperienced investors.
These scams allowed deposits but blocked withdrawals, locking funds permanently. Attackers exploited trust in new projects and the FOMO mentality prevalent in crypto markets.
Total Losses in 2023
Across 3,200+ reported cases
2024: Escalating Threats
The following year saw attackers refine their techniques, with losses nearly doubling from the previous year.
New variations emerged, including "soft honeypots" that allowed partial withdrawals to appear legitimate before locking funds.
Total Losses in 2024
Across 5,800+ reported cases
The Revert Transaction Problem
Beyond honeypots, revert transactions have become another major pain point for crypto users.
These malicious contracts appear to execute transactions normally but silently revert them after taking fees, draining wallets over time.
Revert Transaction Losses
Estimated annual losses
The Scammer's Playbook
1. Token Creation
Scammers deploy a new token with malicious contract code
2. Fake Liquidity
Add just enough liquidity to appear legitimate
3. Marketing Push
Shill the token on social media with fake hype
4. Deposit Trap
Users can buy but hidden code blocks withdrawals
1. Fake Site
Create a clone of a legitimate crypto service
2. Bait Setup
Offer fake airdrops or urgent security alerts
3. Credential Harvest
Steal wallet connections or private keys
4. Asset Drain
Transfer all funds from compromised wallets
Exit Strategy
Both scams conclude with the attacker disappearing with all funds, leaving victims with worthless tokens or empty wallets.
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Just checked out TxShield — really cool stuff! I can totally see how something like this can help people feel safer when interacting with Web3 apps. The interface is clean, and I love that it's straight to the point without being overwhelming.
Definitely a solid idea, especially with so many sketchy contracts out there. Would be awesome to see it evolve further.
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