BONKKILLER: Crypto Honeypot Scheme That Makes Investment Of Luntur Investors

BONKKILLER is a honeypot scam token that harms investors. (Photo; Doc. CoinHabber)

JAKARTA - On April 29, 2024, the crypto world was shocked by the phenomenon of Bonk Killer (BONKKILLER), a coin meme operating on the Solana blockchain. At a surprising pace, Bonk Killer's market cap jumped to $328 trillion, a figure that far surpassed global Gross Domestic Products, and caused shocks among the crypto community.

However, behind this phenomenal spike, a worrying reality is hidden. Bonk Killer is revealed as a honeypot scheme, specifically designed to lure investors with promises of big profits, but ultimately just to take their funds.

This honeypot scheme has succeeded in attracting investors' attention with great growth potential. However, developers have inserted malicious codes in smart contracts that prevent investors from selling their tokens, causing significant losses.

When traders realized they could not sell the Killer Bonk token, the market value, which previously increased rapidly, suddenly stopped. The developer, who has the power to freeze transactions, has disabled all token transfers, confirmed that Bonk Killer is a fraudulent scheme designed to attract investors without providing an opportunity for withdrawal.

According to SolanaFloor, the news platform focused on Solana, "[BONKKILLER], fraudulent tokens and honeypots, managed to surpass the $100 trillion market cap after developers frozen token holders accounts and prevented token sales". In addition, on-chain data shows that the creator behind the Bonk Killer project is suspected of stealing a large amount of money, namely $1.62 million (approximately IDR 26.33 billion), from innocent users through eleven separate transactions.

Although some platforms have warned investors about this honeypot scheme, there are still traders who buy BONKKILLER tokens, according to information from Birdeye. This incident is not an isolated case; one in six coin memes introduced to Ethereum layer-2 scaling solutions has been labeled as fraud or shows the characteristics of fraud. Further, the analysis shows that 91% of the analyzed coin memes have at least one safety flaw.

This Bonk Killer scandal is a warning for crypto investors to always be vigilant and carry out careful checks on crypto projects before investing. Knowing potential risks and performing due diligence is an important step to keep security and profits in the crypto market full of dynamics.