What is a rug pull?

Rug pulls are a blatant exit scam in most cases, designed as a promising project that attracts users. When liquidity flows into the project and the price grows, developers then pull all the liquidity they can, crushing the capital of those left holding the bags in the end.

How to spot a honeypot?

Honeypots are smart contracts that appear to have an obvious flaw in their design, which allows an arbitrary user to drain the LP. Traders can only buy and holders are unable to sell!

What are DeFi hacks?

Hacking is the activity of identifying weaknesses in a computer system or a network to exploit the security to gain access to personal data or business data. 

Reentrancy attacks

A reentrancy attack can occur when you create a function that makes an external call to another untrusted contract before it resolves any effects. … All an attacker needs to exploit this function is to get some amount of balance mapped to their smart contract address and create a fallback function that calls withdraw.

What is a flashloan?

Flash loan attacks are a type of DeFi attack where a cyberthief takes out a flash loan (a form of uncollateralized lending) from a lending protocol and uses it in conjunction with various types of gimmickry to manipulate the market in their favor. Such attacks can occur in mere seconds and yet still involve four or more DeFi protocols.

What is dusting?

A dusting attack is an attack in which a trace amount of crypto, called dust, is sent to thousands — sometimes even hundreds of thousands — of wallet addresses. This attack is deployed in order to track these addresses with the hope of “un-masking” or de-anonymizing them.

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Extra Info

Always DYOR even when projects have been audited. Don’t take financial advice from influencers who get paid to promote everything. 

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