Major Chains detected 67,000 HoneyPot Tokens in Q4, with Rugpull Incidents Leading to Losses of Up to $45M
Author: Zhupiter, GoPlus research, TenArmor
In the past quarter, the GoPlus team detected a total of over 67,000 (67,241) HoneyPot tokens on the Ethereum, Base, and BNB chains. According to statistics from the TenArmor team, the total amount of losses due to Rugpull incidents on the Ethereum and BSC chains exceeded $45M ($45,247,045) in the same period.
A HoneyPot token designed to attract users to buy the token but prevent them from selling it. In addition to HoneyPot tokens, there are various types of risk tokens, and for a detailed classification, refer to the Token Risk Classification (TRC) defined by the GoPlus research team. Moreover, GoPlus provides an open, permissionless Web3.0 security data API service for Web3.0 developers and end-users. This service equips professional developers with the tools to protect their users, meeting the security needs of consumers.
As shown in the chart below, overall, the number of HoneyPot tokens detected by the GoPlus team and the amount of losses due to Rugpull events as reported by the TenArmor team both showed an upward trend followed by a downward trend over the past quarter. This trend mirrors the overall market conditions.
However, the situation varies across different chains.
The GoPlus team detected the largest number of HoneyPot tokens on the Base chain, with a total of 54,000 tokens, while 12,000 HoneyPot tokens were detected on the BNB chain.
According to the TenArmor team’s statistics, the losses from Rugpull incidents were the highest on the Ethereum chain, totaling $44M, whereas losses on the BNB chain amounted to $1.2M.
About GoPlus
GoPlus Security is an open, permissionless and user-driven User Security Network for Web3, providing a user security module which is adaptable and designed to seamlessly integrate with any blockchain, it makes chains easy to enhance user safety to protect their users. GoPlus provides comprehensive protection across the entire user transaction lifecycle. By leveraging AVS and cutting-edge AI powered security solutions, it also conducts thorough risk analysis and delivers smart, efficient and decentralized security services for users. GoPlus aims to create a more secure and user-friendly Web3 on-chain interaction environment by filling the gap of user security layer in the current blockchain’s architecture, providing users with more effective and better-experienced on-chain security protection.
GoPlus has supported over 20 blockchain networks and partnering with RPCs, Rollups and RaaS projects. Innovations such as the SecScan security engine and SecWare protocol, which leverage an open security data and computing layer, are poised to exploit the capabilities of Eigenlayer’s Actively Validated Services (AVSs), thereby enhancing the decentralization and security of the whole network.
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About TenArmor
TenArmor is your first line of defense in the Web3 world. We provide advanced security solutions that address the unique challenges of blockchain technology. With our innovative products, ArgusAlert and VulcanShield, we ensure real-time protection and rapid response to potential threats. Our team of experts specializes in everything from smart contract auditing to cryptocurrency tracing, making TenArmor the go-to partner for any organization looking to secure its digital presence in the decentralized space.
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