Are you seduced yet? Don’t buy it! In fact, the same BONKKILLER coin is actually just a “honeypot” scam.
BONKKILLER holders cannot sell the same coin
Despite only having 1,143 holders, the coin saw a trading volume of around $4.24 million in 24 hours. According to crypto analytics platform Birdeye, more than 90% of tokens are creator-controlled. In addition, an “authority freeze” prevents holders from selling their assets, resulting in their investments being seized.
BONKKILLER’s estimated market cap is actually an anomaly, with a particularly glaring red flag. This number actually exceeds the market cap of Bitcoin by more than 300 times, with the #1 cryptocurrency in the sector having a capitalization of around $1.2 trillion.
To put the absurdity of the situation in perspective, the valuation of this same scam coin is 3.28 times global GDP, which is approximately $100 trillion. This inflated number results from the non-negotiable status of most tokens, which further exposes cryptographic scams called “honeypots”.
To know more: How to detect crypto fraud?
Despite clear warnings about its misleading configuration, investors continue to buy BONKKILLER tokens. The scheme has already made it possible to collect $1.62 million from victims over the course of 11 transactions.
This scam thus capitalizes on the famous “fear of missed opportunity” (FOMO), a common emotion in the cryptocurrency world that drives many people to invest in seemingly lucrative opportunities.
From the initial supply of 1 Solana token (~$140), the developer who created the BONKKILLER scam meme coin has now stolen almost half a million dollars. Retailers are giving this guy free money.” he declared crypto researcher Gnarleyquinn.
Recent investigations by blockchain experts have revealed similar patterns for other cryptocurrencies. ZachXBT, another on-chain data investigator, notably reported that a dozen other Solana-based meme coin projects were abandoned, costing their investors a combined $26.7 million.
These projects often start with promising high returns, but end up leaving holders with almost worthless tokens.
In addition, a study by cybersecurity firm Blockaid revealed that at least 50% of tokens pre-sold on the Solana blockchain between November 2023 and February 2024 were frauds. Blockaid co-founder Ido Ben-Natan linked the increase in fraudulent activity to the growing popularity of meme coins during their pre-sale stages.
Moral of the story: Sometimes a meme just makes its creator laugh.
Disclaimer
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