Cryptocurrency is a lucrative market with trillions of dollars worth of investments funneled into thousands of different tokens. Still, thieves and malicious actors pose a significant risk to novice traders in an emerging and developing market. Investments are a valuable tool to build wealth and educate oneself about the opportunities that present themselves in crypto, like ‘reflections,’ which earn investors residual income every day. New buzzwords like “blockchain” may mislead new investors to believe their investments are privy to enhanced security measures, but that is not the case. Investors must make an effort to understand developing technologies in the crypto space, such as those by Kiba Inu, geared towards protecting investor funds from thieves aimed at exploiting vulnerabilities in this fast-paced market.
Theft is Constantly Evolving
Common theft causes include phishing attempts by scammers with shady emails or accidentally sharing your private keys with a person impersonating customer service, but the insidious nature of thieves means they are constantly evolving strategies to steal from investors and exchanges. Over $14 billion was stolen from investors in 2021, primarily in the DeFi space (decentralized finance), which is not regulated, though perceived as high risk with high reward. Reportedly, OpenSea had almost $2 million worth of NFT’s (non-fungible tokens) stolen by a phishing attempt that targeted dozens of users. Netflix’s ‘Squid Game’ hit tv show led to the creation of a similarly named honeypot token, misleading novice investors to invest, only to find out afterward that the thieves ran away with over $2 million and tanking the token value 99%.
Acknowledging that pioneering the lucrative space of crypto comes with security challenges is essential, which is why Kiba Inu has built its reputation to restore integrity in the meme space by building infrastructure to back up that claim with their honeypot checker.
Kiba’s Honeypot Checker
Kiba Inu’s tools include innovative technology meant to assist investors, like deploying Kiba’s own in-house decentralized exchange, importing any portfolio tracker onto KibaCharts, and notably, Kiba’s honeypot checker designed to sniff out malicious contracts.
Unlike traditional stocks and finance markets, crypto does not halt trading at the end of the business day. New opportunities arise every day with a constant flux of new tokens and projects tackling different goals in the space. It can become overwhelming for any trader trying to discover a new worthwhile investment. The meme saga behind Doge and Shiba Inu led to a frenzy of hundreds of thousands of new investors globally willing to invest in crypto and strike a digital goldmine. Kiba Inu recognized that with the massive amount of liquidity pouring into the market, there would inevitably be “rug pulls” or “honeypots” designed to trick these unwitting investors that may be willing to take a considerable amount of financial risk with the promise of massive gains.
A “honeypot” is a token designed to trap liquidity poured in by investors, ultimately blocking their ability to retrieve or sell those same tokens. In other words, investors have their funds stolen and liquidated by the token developer and the tokens deemed worthless. While this may sound highly complex, it is not uncommon for those with ill intent to take advantage of an investor making an ill-informed decision without the necessary tools.
Kiba Inu recognized the critical need for an investor safety net and developed their honeypot checker, which requires holding Kiba tokens to utilize. Suppose an investor wants to buy into a token. In that case, they input the contract address onto the honeypot checker, and the honeypot checker will run Kiba’s code to signal whether the contract is safe or compromised. Building infrastructure to avoid catastrophic mistakes that unwitting investors have made, especially within high-risk endeavors in the DeFi space, is incredibly advantageous for investors who want to go the extra step to ensure their investments are safe and legitimate. Kiba’s honeypot checker works with contracts listed on Binance Smart Chain and the Ethereum network.
Kiba Inu can be purchased using Binance Smart Chain, the Ethereum Network, and at the time of writing is valued at 31m on CoinMarketCap.
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