GEMPAD - REKT

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Monday, December 23, 2024 

Missing reentrancy guards turned GemPad's secure lock box into a perfect heist target.

What started as a quiet night across Ethereum, BNB Chain, and Base networks exploded into chaos, as roughly $1.9 million worth of locked tokens found an unauthorized exit.

Several projects watched helplessly as their supposedly secured assets slipped through GemPad's fingers, victims of DeFi's most notorious exploit pattern.

BPay, Munch, Nutcoin, and others scrambled to calm their communities while GemPad raced to patch the vulnerability.

The protocol swiftly acknowledged the breach and began working with affected projects, but their stolen liquidity had already scattered across chains.

How many more protocols need to learn that security isn't just about having locks, but making sure they actually work?Read more »                      

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A flawless interface. A hyped-up token. Promises of outsized gains. It all looks golden — until you try to cash out. That’s when you realize you’ve been caught in a honeypot: a smart contract trap that lets you buy, stake, or deposit, but never withdraw. By the time the alarm bells go off, the scammers are sipping cocktails on your dime.Honeypots thrive on appearances. The website looks clean, the Telegram group is buzzing, and everything feels legit. They show you fake transactions, fake volume, and maybe even a few payouts to “early adopters” to sell the illusion. But the real action is hidden in the code — and it’s all designed to drain your wallet while you watch helplessly.Here’s how it works. At first, the smart contract behaves like any normal DeFi protocol. You buy tokens, deposit funds, or interact with a dApp. Everything feels smooth — until you try to pull your money out. That’s when the trap springs shut. The code might block withdrawals, prevent token sales, or siphon your funds straight to the scammer’s wallet. No hacks, no exploits — just cold, calculated deception.So how do you dodge a honeypot before it drains you? The code never lies. Smart contracts are public, and tools like Etherscan or BscScan let you read them. Look for anything that smells off: transfer restrictions, blocked withdrawals, or conditions that don’t make sense. If it’s not clear, walk away. Not a coder? No worries. Tools like Honeypot.is and Token Sniffer scan contracts for red flags so you don’t have to. Even if the code checks out, test the waters first. Buy a tiny amount of the token and immediately try to sell it. If the trade fails or gets stuck, it’s a trap. Same goes for fake volume. Check the recent transactions on-chain. Are wallets only buying and never selling? That’s not organic activity—that’s a scam running on fumes. 

And don’t let the hype fool you. Scammers love noise because it drowns out the truth. If the community feels fake, the admins dodge questions, or everyone sounds like bots yelling “Wen moon?”, it’s probably all smoke and mirrors. Real projects don’t need to scream to get your attention. Honeypots are the oldest trick in the DeFi book, but they still work because they exploit the same instincts: greed, impatience, and trust. A shiny UI doesn’t mean the code isn’t rotten. Before you click, stop and think. Read the contract, test the token, and question the hype. If it feels too good to be true, it’s probably bait. In DeFi, one click can cost you everything. Don’t let the scammers win. Stay sharp, stay skeptical, and always check what you’re signing. Because in this game, the only thing worse than getting rekt is knowing you walked willingly into the trap.

                 
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