PeckShield researchers noticed that some THE tokens might be associated with honeypot contracts
Here’s what is wrong with the token inspired by Ethereum’s (ETH) creator – and why it might be dangerous for retail customers to purchase THE right now.
CEX listing, 100M airdrop to Vitalik Buterin, honeypots: Be careful with THE
THE token, a new meme coin, was launched on Oct.14, 2022 as a responce of Vitalik Buterin suggestion. Ethereum’s (ETH) creator was wondering why was this catchy sticker still free.
Someone should make a project called “THE Protocol”, so that their shills can say “Look, soandso mentioned THE!” pretty much any time anyone says anything.
— vitalik.eth (@VitalikButerin) October 14, 2022
Right after his proposal, a memetic token contract was deployed to Ethereum (ETH). 100 million THE (10% of its supply) was immediately transferred to Vitalik’s address.
In the next two days, the token was pumping like any other meme coin. However, experts from PeckShield alert, unveiled that some contracts associated with THE supply are actually honeypots: users can only inject liquidity to THE protocol, but withdrawals are blocked.
#PeckShieldAlert #THEProtocol PeckShield has detected ~25 $THE are newly created on both Ethereum and BSC
6 out of 25 of these $THE appear to be #honeypot 0x0cbA6 distributed 100M $THE to address Vb (Vitalik)
0x716Fb distributed 6.4M $THE to address vitalik.eth
Be Cautious! pic.twitter.com/nGNhR8kuj7
— PeckShieldAlert (@PeckShieldAlert) October 18, 2022
THE token has already been listed by MEXC Global centralized cryptocurrency exchange. Also, Uniswap V3 THE-WETH liquidity pool gains steam.
No, Vitalik Buterin doesn’t promote THE
Right now, THE token is being aggressively promoted by eponymous English and Chinese groups on Telegram. The groups only broadcast the statistics of THE purchasing.
Also, there’s a deep fake video spreading in TikTok that demonstrates Vitalik Buterin endorsing THE Protocol and its token. However, Vitalik made no such statements.
By press time, THE Twitter account has over 2,500 followers while THE-themed Telegram groups have 1500-2000 followers each.