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What is a honeypot crypto scam and how to spot it?

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What is a honeypot crypto scam and how to spot it?

Smart contracts programs across a decentralized network of nodes can be executed on modern blockchains like . Smart contracts are becoming more popular and valuable, making them a more appealing target for attackers. Several smart contracts have been targeted by hackers in recent years.

However, a new trend appears to be gaining traction; namely, attackers are no longer looking for susceptible contracts but are adopting a more proactive strategy. Instead, they aim to trick their victims into falling into traps by sending out contracts that appear to be vulnerable but contain hidden traps. Honeypots are a term used to describe this unique sort of contract. But, what is a honeypot crypto trap?

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Cryptocurrency

‘Grim Reapers’ financial crimes unit revived to investigate Terra collapse

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‘Grim Reapers’ financial crimes unit revived to investigate Terra collapse

Legal troubles are mounting for the co-founder of failed Terra crypto project Do Kwon as the South Korean government revives the dormant “Grim Reapers of Yeoui-do” to investigate Terra’s fall.

The special investigative and prosecutorial team consists of members from various financial regulators, and is designed to prosecute securities fraud and unfair trading schemes. Potentially at risk are co-founders Do Kwon and Shin Hyun-seong, along with core members of the Terra team. Yeoui-do is the financial center of Seoul.

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Cryptocurrency

$3B flows to Metaverse and Web3 gaming this month as A16z’s tips in $600M

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$3B flows to Metaverse and Web3 gaming this month as A16z’s tips in $600M

Venture capital firm Andreessen Horowitz (a16z) has launched a $600 million fund dedicated to gaming startups with a focus on Web3 saying it believes “games infrastructure and technologies will be key building blocks of the Metaverse.”

Dubbed “GAMES FUND ONE” the fund will invest in three main areas: game studios, consumer applications which support player communities with Discord used as an example, and gaming infrastructure providers.

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Cryptocurrency

Novogratz says LUNA tattoo is a constant reminder investing ‘requires humility’

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Novogratz says LUNA tattoo is a constant reminder investing ‘requires humility’

Mike Novogratz, the billionaire founder of crypto asset management firm Galaxy Digital, has told his followers that his LUNA-inspired tattoo will serve as a reminder to remain humble in the world of venture capital investing.

Following the fallout of the recent LUNA / UST meltdown, Novogratz penned an open letter on Wednesday, telling his followers that: ​​“My tattoo will be a constant reminder that venture investing requires humility.”

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