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Safety Academy · Story 07 · Honeypot tokens

Easy to buy. Hard to leave.

HONEY is climbing. Cleo checks whether the exit opens.

Estimated 4 min read

HONEYPOT TOKENS6 scenes

Cleo notices a token climbing fast.

Cleo opens a real exchange interface after seeing HONEY in a trading chat. She prepares a 200 USDC purchase. Other buys are visible, which feels reassuring.

Cleo
“Everyone seems to be buying!”
Illustration: Cleo notices a token climbing fast.

A token appearing on a permissionless exchange is not an endorsement.

The token’s owner has a different set of rules.

The scammer’s token lets the public buy but restricts selling to an owner-controlled list. The exchange can be genuine while the token’s rules are hostile.

The Scammer
“Buying is open. Leaving is exclusive.”
Illustration: The token’s owner has a different set of rules.

A token can restrict selling, blacklist holders or impose punitive fees.

The preview flags a sell restriction.

Before signing, Cleo sees a warning about possible sell restrictions. She pauses the purchase instead of increasing slippage or treating the warning as an inconvenience.

Cleo
“So I can get in, but maybe not out?”
Illustration: The preview flags a sell restriction.

A warning deserves investigation. Increasing slippage does not remove a contract restriction.

Captain looks past the green candles.

Captain checks the exact token contract, selling rules and owner powers with her. A successful buy says little about tomorrow’s ability to sell. Even a small successful test would not guarantee a future exit.

Captain Obvious
“The entrance is not an exit.”
Illustration: Captain looks past the green candles.

A small successful test or a clean scanner result cannot guarantee that selling will remain possible.

Cleo skips the purchase.

Cleo cannot establish acceptable rules or who can change them. She declines the trade. The 200 USDC stays in her wallet; fear of missing out does not get a signature.

Cleo
“I prefer investments with an exit.”
Illustration: Cleo skips the purchase.

If the rules remain unclear, declining the trade is a valid decision.

Her money never enters the trap.

HONEY’s chart can keep climbing without Cleo. The scammer has a lovely entrance and one fewer customer. Anyone already stuck should avoid paying repeatedly for swaps that cannot succeed.

Cleo
“The candle can go up without me.”
Illustration: Her money never enters the trap.

The habit: investigate the exit before choosing the entrance.

The useful bit

A successful purchase does not prove that you can sell.

  1. Before buying, check whether the token can be sold, what it charges, and who can change those rules.
  2. A warning is a reason to stop. A test trade or a scanner cannot promise you a way out later.
  3. Cannot confirm the rules? Do not buy. Already stuck? Stop paying fees for swaps that will never go through.

I already did this

If you already bought an unsellable token, stop repeated failed swaps and their fees. Use Uniswap’s guide to check the restriction and report the token. Do not pay a stranger to unlock selling; recovery is not promised.

Sources & further reading