CandleFocus New wave of honeypot tokens targeting Base users
2025-01-13
Author: Content Editor
Threat actors are targeting the Base network and its users by posting honeypot tokens that exploit contract backdoors to drain users' wallets. On-chain analysts have discovered new tokens on Base that pose a danger for early token snipers or automated traders. One of the flagged tokens, NUDE AI, was considered a promising AI meme token but was flagged for suspicious activity. Other flagged tokens include Make Europe Great Again (MEGA). Honeypot tokens like NUDE AI, AIOS, BURP, and Scrypt AI (SAI) can quickly lead to losses in minutes after launch. Base has experienced significant growth in token launches, making it a target for threat actors. In Q4 2024, the chain hosted 54,000 rug pulls, honeypots, and other risky tokens. The new threat on Base has evolved, with more sophisticated attacks that can transfer assets without prior approval. Web3 wallets and services may not cover all new honeypot tokens, so waiting for vetting is recommended. SlowMist, a web3 security firm, notes similar attacks against smart contracts and a significant increase in wallet drainer attacks in 2024.
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