SafeBinance Honeypot

What happened

SafeBinance is a token on BNB Smart Chain, deployed from 0x254b400f…825526 at contract 0x612a8f4d…dc5319. Its transferFrom stores the destination of the first call as newun, and after that every transfer or transferFrom to newun reverts with "please wait". A third-party analysis of this contract describes newun being set to the liquidity pool on the first liquidity add, which would block holders' sales into the pool.

De.Fi's REKT database lists the token as an Exit Scam/Honeypot on Binance dated 2021-04-05 and gives no loss figure.

How it happened

1. The constructor sets name and symbol to "SafeBinance", mints _totalSupply = 1000000000000000000000000000000000 (1e33 units, 1e15 tokens at 18 decimals) to owner, and leaves address public newun; unset (zero).
2. transfer starts with require(to != newun, "please wait");. While newun is zero this only rejects transfers to the zero address.
3. transferFrom begins: if(from != address(0) && newun == address(0)) newun = to; else require(to != newun, "please wait");. The first transferFrom with a non-zero from therefore skips the require and records its to as newun. The linked post says this first call is the liquidity add and that newun becomes the pool address; this record does not verify that from a transaction.
4. From then on, any transferFrom or transfer whose to equals newun reverts. A sale that moves the holder's tokens into newun through transferFrom fails, while transfers to other addresses are not blocked by this code. The owner is subject to the same check, since it has no exemption.
5. transfernewun(address _newun) public onlyOwner can repoint newun at any time. Setting it to zero re-arms the capture, so the next transferFrom stores a new to; pointing it at an unused address lifts the block. The code shows this ability; no transaction shows it being used.
6. The contract also has clearCNDAO() (onlyOwner), which sends the contract's own BNB balance to the caller. That balance is not holders' tokens. A comment at the bottom of the source states the tokens were generated for testing purposes and should not be invested in.

Protocol details

Classification Token

Protocol Type Exit Scam/Honeypot

Affected asset / contract SafeBinance

Evidence

• report @Token_Sniffer incident report twitter.com
• report Sourcify copy of the same source repo.sourcify.dev
• address BscScan verified source and meta for SafeBinance bscscan.com
• analysis Scam explained: BSC stealthy LP block cryptot3ddybear.gitlab.io