Spitz Inu Token Honeypot

Reported loss Not disclosed
Ethereum
Honeypot

What happened

Spitz Inu Token (SPITZ) is an ERC-20 token on Ethereum whose transfer functions refuse any transfer into one stored address, newun. The first transferFrom call fills newun with its recipient, and for a new token that call is normally the router moving tokens into the DEX pair when liquidity is added. From then on, buying works because the pair sends tokens out with transfer, but selling means sending SPITZ to the pair, and both transfer and transferFrom revert with "please wait".

The deployer, who received the whole 1,000,000,000,000 SPITZ supply, can re-point newun at any time with transfernewun. The source header advertises 15% taxes for charity, holder rewards and burns, but the contract contains no fee code at all. De.Fi's REKT database lists SPITZ as a honeypot, and an April 2021 write-up describes the same code in BNB Chain tokens.

How it happened

  1. The constructor makes the deployer the owner and credits it with the full 1,000,000,000,000 SPITZ supply.
  2. newun starts as the zero address. The first transferFrom from a non-zero sender stores its recipient in newun without any check, so if that call is the liquidity add, the pair becomes the blocked address.
  3. Every later transfer or transferFrom whose recipient equals newun reverts with "please wait". Buyers receive tokens from the pair, but a sell through the router, which calls transferFrom into the pair, fails.
  4. The owner can call transfernewun to set newun to any address, which can lift the block or move it elsewhere. The contract has no owner exemption from the block, so the owner would also need to change newun before selling to the pair.

Protocol details

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

Evidence

Same attack technique

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