PeckShield has made an announcement about the Shiba Inu token on the Tron blockchain, which appears to be a honeypot for Shiba Inu users looking to transfer their assets to another blockchain.
According to the blockchain security firm, the contract includes a piece of code that restricts token sales to whitelisted individuals exclusively. Wallet addresses that have received tokens but have not been whitelisted will be unable to transfer cash.
PeckShield also advised users to avoid tokens or coins that restrict their capacity to sell, transfer, or perform activities with their own cash. Developers frequently launch token sales, distribute tokens, and then prohibit some wallets from selling digital assets on exchanges.
The only option to resolve the concerns and avoid a significant exploit is to fork the entire token, which is nearly impossible to achieve in the case of complete community decentralization or a token with a tiny capitalization and number of holders.
The ShibaTron token has a $60 million capitalization and 5,500 holders, which may be considered a huge project for a token with a significant exploit hidden in the code, according to the bscscan website.
Despite all of the cautions posted on social media, many individuals are still interacting with the contract and exchanging their altcoins for the token, as evidenced by the transactions page. Some users are also hopeful, noting that the rule was mistakenly left in the code and that the developers are not attempting to defraud their customers.