Key Takeaways
Relay Protocol says it’s actively blocking rip-off tokens after studies of pockets drains on the brand new Robinhood Chain.The Robinhood Chain, dwell since July 1, 2026, is reportedly seeing excessive rip-off meme coin exercise resulting from its permissionless nature.Merchants ought to solely commerce verified tokens and carry out small check swaps to guard property from 100% loss.
Relay Protocol Warns: There’s Been an Improve in Rip-off Tokens Designed to Take away Themselves After Buy
The Relay Protocol platform moved rapidly on X to make clear that these incidents don’t signify a widespread pockets compromise or an infrastructure breach inside Relay. Your non-public keys and different balances stay safe, as the subtle rip-off logic is contained strictly throughout the malicious token contract itself.
Robinhood Chain, an Arbitrum-based Ethereum layer two ( L2) community, launched on July 1, 2026, with important fanfare centered on tokenized shares and decentralized finance ( DeFi). Nevertheless, the permissionless nature of the community has allowed unhealthy actors to deploy fraudulent tokens at scale. Alongside respectable stock-token initiatives, early onchain exercise has been closely saturated with faux tokens and meme cash, creating an atmosphere the place scammers can simply exploit inexperienced merchants.
“There’s been a rise in rip-off tokens designed to take away themselves after buy,” Relay Protocol acknowledged in a social media replace. “In case you purchased one, the funds you spent are sadly gone. We’re blocking these tokens as they present up and verifying secure ones”.
How the Honeypot Works
A honeypot sometimes capabilities by permitting a person to purchase the token, whereas hardcoding guidelines that forestall the sufferer from promoting or initiating an automated switch of the funds to the attacker’s pockets. One person reported a particular trick involving a hidden storage mapping in a token contract that bypasses normal ERC-20 safety checks to empty property with out person approval.
“I used to be additionally scammed by a token known as World,” defined the X person named Milo in Relay Protocol’s social media thread. Some had mentioned the rip-off tokens began turning into distinguished “a couple of days in the past.” “Goodness folks examine the rattling contract earlier than aping right into a token,” one other person on X warned within the thread.
Merely an Previous Rip-off on a New Chain
Whereas Relay is actively filtering unhealthy contracts, the protocol advises customers to stay strictly to tokens verified by trusted sources. The difficulty actually is easy, the L2 is a brand new chain seeing a lot of exercise, and a few of it has been a swarm of unhealthy actors leveraging the hype. This development has been seen throughout the onset of different L1 and L2 chains. It’s not distinctive to Robinhood Chain, however visibility is because of the community’s latest launch and surrounding hype.
To mitigate danger, merchants ought to examine the contract tackle for legitimacy and carry out a check swap with a negligible quantity of capital earlier than committing bigger sums. Moreover, if a token shows uncommon market habits, similar to heavy shopping for stress with zero promoting exercise, it’s a important crimson flag that the asset could also be a honeypot.
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