The new Web3 project, Dechat, garnered unfavorable attention when it inadvertently included a honeypot scam link in its token announcement on February 26. This error was highlighted to the project by well-known crypto investigator ZachXBT.
Crypto Sleuth Exposes Dechat’s Smart Contract Mishap
Renowned crypto investigator ZachXBT has unveiled startling screenshots revealing a critical error made by the Dechat team during their token announcement. The mishap involved the inadvertent sharing of an incorrect smart contract address, directing users to the wrong Pancakeswap V2 platform.
Incorrect Smart Contract Address
ZachXBT’s screenshots depict the Dechat team’s oversight in providing the wrong smart contract address, leading unsuspecting users to the incorrect Pancakeswap V2 platform. This misdirection could potentially result in users falling victim to scams or losing funds due to the erroneous information provided.
‘Sell Tax’ Set at 100%
One of the screenshots shared by ZachXBT sheds light on another concerning aspect of the Dechat token announcement. It reveals that the ‘Sell Tax’ was capped at 100%, effectively preventing early investors from selling or dumping tokens during the token generation event (TGE). This departure from the norm of allowing investors to liquidate their positions at the TGE raises red flags about the project’s transparency and investor protection measures.
๐ #DeChat Trading is Now Live! ๐
We're excited to announce that trading for DeChat is officially open. Get involved with the future of SocialFi today!
๐ Smart Contract: 0xD69ee2e508363FEd57f89917D5ca03e715ee5519
Trading is live at the following exchanges:
KuCoin:โฆ pic.twitter.com/nnq31qhTGZ— Dechat (@dechat_io) February 26, 2024