TenArmor and GoPlus have combined their powerful rug pull detection systems to conduct in-depth risk analysis and case studies. They aim to reveal the latest methods and trends of rug pull attacks and provide effective security protection suggestions for users. The detection systems have found that rug pull incidents have been on the rise, especially on November 14, when there were 31 incidents on that day.
The most common type of rug pull in the Web3 field is Pixiu Pan. GoPlus’ Token security detection tool can detect whether a token is a Pixiu plate. In the past month, GoPlus detected a total of 5,688 Pixiu plates. To prevent rug pull incidents, TenArmor and GoPlus suggest the following:
1. Do not blindly follow trends.
Check if the coin’s address is a real address before buying popular coins. 2. When launching a new contract, do due diligence to ensure the initial traffic comes from the address associated with the contract deployer. 3. Check the source code of the contract, especially the implementation of the transfer/transferFrom function to see if it can be bought and sold normally.
4. When investing, check the distribution of Holders. If there is obvious concentration of funds, avoid it. 5. Check the source of funds of the contract publisher and go back 10 hops as far as possible to see if the source of funds of the contract publisher comes from a suspicious exchange. 6. Pay attention to the warning information issued by TenArmor and stop losses in time.
7. The TenTrace system can effectively identify the inflow and outflow of black address funds. TenArmor and GoPlus are committed to improving the security environment of the community and welcome partners in need to discuss cooperation.
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<p>The post Stay Safe: Detecting and Preventing Rugpull Attacks in Web3 first appeared on CoinBuzzFeed.</p>