SolaceToken Honeypot

Reported loss Not disclosed
BNB Chain
Honeypot

What happened

SolaceToken (SOLACE) is a BNB Smart Chain token whose verified code lets the owner mark any address as a PancakeSwap receiver. Once an address such as a liquidity pair is marked, every transfer whose recipient is that address reverts with "Error: Can not sell this token", so holders cannot sell into it while buying stays open. De.Fi's REKT database lists the token as an Exit Scam/Honeypot dated 2021-03-28 and states that the contract owner could disable the transfer function, which restricted users in selling their tokens.

The source does not show whether or when the flag was set on the pair.

How it happened

  1. The constructor mints the whole supply to the deployer: _transferTO(msg.sender, 2000000e18); (2,000,000 tokens at 18 decimals).
  2. The owner can call setPanCakeSwapReciever(address _recipient, bool _feeless), which is onlyOwner and writes PanCakeSwapReciever[_recipient] = _feeless;. The mapping defaults to false for every address and nothing in the code limits which address can be flagged.
  3. Every transfer path (transfer and transferFrom) calls _transfer, which runs calculateFeesBeforeSend(sender, recipient, amount). That function contains if(PanCakeSwapReciever[recipient]){ revert("Error: Can not sell this token"); }, so a flagged recipient makes the whole transaction revert. The sender's balance is debited on the line before, but the revert undoes it.
  4. A sell through the router moves tokens from the holder to the pair, so the pair is the recipient. If the pair is flagged, the sell reverts. A buy moves tokens from the pair to the buyer, and the check looks only at the recipient, so buys are not affected.
  5. The same owner function can set the flag back to false, and renounceOwnership() exists, which would freeze the flag at whatever value it held. The txFee and fee-distributor code is inert, because calculateFeesBeforeSend returns (amount, 0).

Protocol details

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

Evidence

Same attack technique

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