BlockBeats report: On July 10, the security protocol Relay Protocol issued a warning that a large number of scam tokens have appeared on the newly launched Robinhood Chain, putting investors at risk of total loss of funds after purchase.
The Relay Protocol has confirmed receiving multiple user reports stating that after purchasing certain tokens, the tokens immediately disappeared from their wallets and could not be sold or transferred. These honeypot tokens are designed through smart contract code to permit purchases but block sales, permanently locking investors' funds. The surge in fraudulent tokens coincides with a sharp increase in user activity and token creation on Robinhood Chain.