SafeMarket Token Honeypot

Reported loss Not disclosed
BNB Chain
Honeypot

What happened

SafeMarket Token (SafeMarket) is a BNB Chain token deployed on 29 March 2021 at 0x04895cad…0472e9. Every transfer runs through calculateFeesBeforeSend, which reverts with "Error: Can not sell this token" whenever the recipient is flagged in the PanCakeSwapReciever mapping, and only the owner can set that flag through setPanCakeSwapReciever. Once the PancakeSwap pair is flagged, any transfer into the pair fails, so holders cannot sell, while purchases, which move tokens out of the pair, still go through.

The flag is not covered by the renounceWhitelist lock, and the seTxFee setter has no effect because the fee calculation always returns zero fee. De.Fi's REKT database lists SafeMarket as an exit scam/honeypot, stating that the contract owner could disable the transfer function and so stop users from selling.

How it happened

  1. The constructor mints 25,300,000,000 SafeMarket to the deployer, who is also the Ownable owner.
  2. _transfer debits the sender's balance, then calls calculateFeesBeforeSend(sender, recipient, amount) before crediting the recipient.
  3. calculateFeesBeforeSend reverts with "Error: Can not sell this token" if PanCakeSwapReciever[recipient] is true, which undoes the whole transfer.
  4. The owner can call setPanCakeSwapReciever(pair, true) at any time. Unlike setFeelessSender and setFeelessReciever, this setter does not check canWhitelist, so calling renounceWhitelist() does not remove the power.
  5. With the pair flagged, a router sale (transferFrom(holder, pair, amount)) and a direct transfer to the pair both revert, whoever the caller is. Buys, where the pair transfers tokens to the buyer, are not affected.
  6. The owner keeps this power until renounceOwnership() is called or ownership is handed over through the two-step transferOwnership and recieveOwnership path.

Protocol details

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

Evidence

Same attack technique

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