Token sniffer6/3/2023 ![]() "Simultaneously, we’ve been getting inbound requests from DEXs and professional traders for a scalable way to use TokenSniffer, and this API option is a natural next step to provide the industry tools against the rug pull epidemic," Arad said. Its tool has also been getting upwards of tens of thousands of unique visitors per day since DeFi started to take off in 2021. Last year alone, rug pulls are estimated to have impacted 2 million users, according to a Solidus data analysis. Solidus Labs says it has found more than 250,000 rug pulls since 2021, estimating that there’s a new scam token created every 4 minutes-about as long as it’ll take to read this article. When Coinbase launched its layer 2, Base, Token Sniffer identified four different tokens on the Fantom and Ethereum networks trying to use the company’s big news for a grift. Report Claims 97% of Uniswap Tokens Are ‘Rug Pulls’-Crypto Twitter Has Doubtsīut there are others, like impersonation scams. Honeypots start the same way, with a new token offering, but the perpetrators stop users from reselling their tokens. Simply copy and paste the token contract. Once the developers sell their share of tokens, the unsuspecting users who bought them are left with a worthless asset. Token Sniffer is an easy tool which can be used to search for various tokens on both Ethereum and Binance Chain. ![]() Rug pulls involve a newly launched token that’s sold to hapless investors and then abandoned by its creators. ![]() Token Sniffer helps detect two of the most common token scams: rug pulls and honeypots. With it, customers can programmatically run sniff tests on more than 2 million tokens across 12 blockchains, including Ethereum, BNB Smart Chain, Polygon, Arbitrum, and Optimism. That’s why Solidus Labs, the blockchain security firm that acquired Token Sniffer last year, is rolling out Token Sniffer API subscriptions for larger clients like decentralized exchanges and trading bots. But that doesn’t really scale for companies that need to check hundreds of tokens in a day. ![]() Token Sniffer is dead simple: paste a smart contract address into the tool to scan for telltale signs of a scam. ![]()
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