#CryptoRoundTableRemarks #ACT

What is a honeypot?

First, from a positive aspect, a honeypot is used by developers to intentionally attract hackers to attack smart contracts. The purpose is to collect data and monitor the behavior and attack techniques of hackers to prevent them in the future.

On the other hand, from a negative aspect, honeypots are used by hackers to intentionally create security vulnerabilities that users can easily notice and exploit. The purpose is to steal assets from the exploitation of users.

Overall, a honeypot is still a form of deception. However, depending on the purpose of use, the effectiveness and consequences will vary. Due to its dangerous nature and potential risks to users, this article will focus on exploring the aspect of honeypots as a form of deception used by attackers (hackers) in the crypto market.

A honeypot is a term referring to smart contracts designed by hackers with many security vulnerabilities (intentionally), making it easy for users to notice and exploit them. Afterwards, hackers will extract assets from users' attempts to exploit the vulnerabilities.

To understand it more simply:

Hackers intentionally create a smart contract containing assets and have many security vulnerabilities (easily noticeable).

Users (with knowledge of smart contracts) discover that the vulnerability allows them to withdraw tokens at will if they send a specific amount of tokens into the contract beforehand.

In the image is my web3 wallet with #Act but on the BSC network. It is completely non-tradable.

The Binance web3 wallet is full of honeypots, please check carefully before trading.