Articles on: DeFi Academy

6 Tools to Detect A DeFi Scam

As fraudsters grow more sophisticated, pinpointing deceitful tokens in the DeFi landscape becomes a greater challenge. Below are six invaluable tools geared towards spotting such tokens, with an aim to safeguard your assets.

Disclaimer: This guide doesn't encompass every available tool, and none can guarantee absolute precision in discerning a token's legitimacy. Always conduct your own research and employ these tools with caution.


Offered for Ethereum and Binance Chain, Dextools serves as an efficient platform to gain insights into a token's activities. By inputting the token contract address, you can categorize all buy and sell transactions for a token under the "Type" section. A lack of sell orders could signify a potential trap, or perhaps specific selling restrictions.

Consider a scenario involving a FLOKI imitation; no individual wallet has offloaded the token.

Pro Tip: Continuous green upticks on the chart over various periods might hint at an inability to sell.

However, visible sell orders don't necessarily absolve a token from being a trap. Some devious actors might allow trading for a select few addresses (while barring the majority) to portray a facade of regular trade for the pair.


Unicrypt stands out as a tool for promptly verifying a token's liquidity status. If a token's original liquidity is secure, its creator cannot extract and consequently deprive you of your funds.

Heads Up: Be wary of short-duration liquidity locks. Deceitful actors might secure tokens briefly, only to strike once the duration ends.

Block Explorer

Binance Chain

These explorers grant comprehensive insights into tokens. They enable you to explore liquidity pools, in-depth transaction histories, token codes, creator details, and more.

A good starting point is the "comments" section, accessible by pasting the token contract address. While these comments should be taken with a grain of caution, they might spotlight potential concerns. For instance, past token holders may post alerts about scams, occasionally even unearthing scammer identities. Spotting these warnings should prompt you to investigate further.

You can also delve into the contract originator's address to ascertain whether they've extracted liquidity. The source address is typically located at the top-right of the token contract page.

For instance, one could witness an initial liquidity provision of 100 BNB ($28.5k USD) to a specific pool, only to find that an hour later, 1,723 BNB ($484k USD) has been illicitly withdrawn and distributed to various wallets.

A further validation method involves inspecting the liquidity pool directly. This provides an alternative perspective on transactions and reveals the pool's remaining liquidity. Scanner

This tool scans smart contracts for potential weak points or risky methods. Simply input the token or NFT's contract address and await the analysis. It's particularly tailored for 1inch patrons keen on secure transactions. Its intuitive interface ensures confidence, with additional features outlined in its documentation.

Token Sniffer

Token Sniffer effortlessly searches tokens across Ethereum and Binance Chain. Pasting the token contract address unveils potential threats, basic contract assessments, and more. Its catalog of recognized scams and breaches can quickly verify a token's dubious nature.

BSC Check

Designed exclusively for BNB Chain, BSC Check offers a straightforward experience. Inputting the token contract reveals:

Contract creator's status: Has the liquidity been relinquished or locked?
Presence of deceptive code in the contract
Developer's wallet details
Liquidity Pool data
Leading token owners

Worthy of Mention:

Review Platform for Tokens: Kryptview

3 Tools to help Identify Honeypot Tokens:

Updated on: 21/09/2023

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