Preface: The Invisible Trap Under the Meme Craze - "Honeypot Coin"

In the Web3 world, especially amidst the recent frenzy of Meme coins, the temptation of high returns often comes with high risks. Among them, "Honeypot Coin" is becoming a significant threat to the asset security of many on-chain players. They typically present themselves with highly attractive narratives and promises of high returns, but their core mechanism allows investors to "buy in but essentially not sell out," ultimately leading to asset zeroing.

Protect Your Assets! Web3 Pitfall Guide: How to Identify "Honeypot Coin" and Use OKX Wallet for Safe Trading_aicoin_Img1

This article will provide you with a comprehensive "pitfall guide" from principles to practical operations, focusing on how to leverage the powerful features of OKX Web3 Wallet to ensure your trading safety in the on-chain world.

1. What is "Honeypot Coin"?

"Honeypot Coin" is a maliciously designed token, symbolizing "only in, not out." The project team pre-sets malicious code in the smart contract to restrict ordinary users' selling rights, allowing only the project team or a few addresses to trade freely.

Protect Your Assets! Web3 Pitfall Guide: How to Identify "Honeypot Coin" and Use OKX Wallet for Safe Trading_aicoin_Img2

2. Core Identification Features of "Honeypot Coin" (Practical Operation Version)

1. Observe the Buy and Sell Orders: Identify "Green Fat, Red Thin"

In on-chain trading records, if you see a large amount of buying (green) but almost no selling from ordinary addresses (red), or if the selling addresses are highly concentrated, this is a typical signal of a honeypot.

2. Beware of Contract Permissions: The "Invisible Shackles" in Code

Excellent token contracts usually "relinquish permissions." If the contract retains the following permissions, the risk is extremely high:

Modifiable tax rates: The project team can adjust the selling tax rate to 100% at any time.
Blacklist/whitelist: Only specific addresses can sell, while ordinary users are locked out.
Upgradable contracts: The normal contract can be replaced with a malicious contract at any time.

3. Search Tips: Trust the Contract Address, Reject Name Searches

Key Operation: Never search for token names (like $DOGE) directly in the wallet, as there are many similarly named imitation tokens.

Protect Your Assets! Web3 Pitfall Guide: How to Identify "Honeypot Coin" and Use OKX Wallet for Safe Trading_aicoin_Img3

3. Caregiver-Level Practical Operation: Use OKX Wallet for One-Click Risk Identification

The "Token Risk Details" built into the OKX Web3 Wallet is one of the most powerful security tools available today.

Step 1: Precise Search

Open the OKX App, go to [Web3 Wallet] - [Market], and paste the contract address you obtained into the search box.

Step 2: In-Depth Detection

Enter the currency detail page and click [Details] next to [Token Detection].

Step 3: Interpret the Detection Report (Core Operation)

On the detection page, focus on the following indicators:

Risk Warning: If it shows "Suspected Honeypot Coin" or "High Risk," abandon it immediately.
Contract Open Source: Check if the contract is open source. Non-open source contracts are like black boxes and are extremely dangerous.
Buy/Sell Tax Rate: Confirm if the selling tax rate is within a reasonable range (usually <10%).
Permission Status: Confirm if "ownership has been relinquished." If not relinquished, the project team still has the highest control.
Liquidity Lock: Confirm if the pool is locked. An unlocked pool can be withdrawn at any time.

Step 4: Simulation Test (Ultimate Defense)

Before making a significant purchase, first make a small purchase of 1-5 USDT and try to sell immediately. If you cannot sell or the fees are abnormal, it indicates that there is a problem with the coin.

Protect Your Assets! Web3 Pitfall Guide: How to Identify "Honeypot Coin" and Use OKX Wallet for Safe Trading_aicoin_Img4
4. Conclusion: Safety is the Prerequisite for Profit

In the world of Web3, living longer is more important than earning faster. The OKX Web3 Wallet not only provides you with a convenient trading entry but also builds a solid asset defense line for you through multi-dimensional security detection features.

Download and use OKX Web3 Wallet now to start your safe trading journey!

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Protect Your Assets! Web3 Pitfall Guide: How to Identify "Honeypot Coin" and Use OKX Wallet for Safe Trading_aicoin_Img5
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Protect Your Assets! Web3 Pitfall Guide: How to Identify "Honeypot Coin" and Use OKX Wallet for Safe Trading_aicoin_Img6
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