Binance-Peg Polygon Honeypot

Reported loss Not disclosed
BNB Chain
Honeypot

What happened

This BEP-20 token on BNB Chain at 0xbf503323…fa09a9 uses the name "Binance-Peg Polygon" and the symbol MATIC. It was deployed on 19 April 2021, and De.Fi's REKT database lists it as an exit scam/honeypot. The verified source hides a sell block in a variable named newun: the first transferFrom call records its recipient as newun, and from then on every transfer or transferFrom sending tokens to that address reverts with "please wait".

When the deployer adds PancakeSwap liquidity, that first recipient is the trading pair, so holders can buy but cannot sell back into the pool. The owner can also repoint newun at any address with transfernewun.

How it happened

  1. The owner receives the full 5,188,388,130 token supply in the constructor (balances[owner] = _totalSupply).
  2. Adding liquidity makes the router call transferFrom(owner, pair, amount). Because newun is still address(0), the line if(from != address(0) && newun == address(0)) newun = to; stores the pair address in newun without reverting.
  3. Buyers purchase the token from the pair. The pair pays out with transfer to the buyer, and the check require(to != newun, "please wait") only blocks transfers whose recipient is newun, so buys succeed.
  4. A sale sends tokens to the pair, either through the router's transferFrom or a direct transfer. Both functions now hit require(to != newun, "please wait") and revert, so holders cannot swap back to BNB.
  5. The owner keeps the ability to change the blocked address with transfernewun(address) (onlyOwner), and removing liquidity is unaffected because tokens leaving the pair are sent to a recipient other than newun.

Protocol details

Classification Token
Protocol Type Exit Scam/Honeypot
Affected asset / contract MATIC

Evidence

Same attack technique

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