Snowflake Floki Honeypot Scam

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Snowflake Floki

Snowflake Floki claimed to be launching a new metaverse casino, and investors flocked in to participate. In reality, the house always wins. Token purchasers were unable to sell due to deliberate limitations in the smart contract. Only the smart contract owner could sell. Significant funds were spent on the tokens, and lost as the contract owners sold into the liquidity. It does not seem like any funds were recovered.

This is a global/international case not involving a specific country.

About Snowflake Floki

"SnowFlakeFloki is the Iced Out Metaverse Casino on the Binance Smart Chain. The token is making you a shareholder in the biggest Metaverse Casino where you are profiting from all gambling that is done around the clock. SnowFlakeFloki is a token used for in-game bets and plays such as slot machines, Poker, Blackjack, Roulette and more."

"SnowFlakeFloki is the Iced Out Metaverse Casino on the Binance Smart Chain. The token is making you a shareholder in the biggest Metaverse Casino where you are profiting from all gambling that is done around the clock. SnowFlakeFloki is a token used for in-game bets and plays such as slot machines, Poker, Blackjack, Roulette and more. As a token holder you are receiving more tokens on every transaction made simply by holding the token. Gambling and Lottery are the world biggest and most profitable industries which allow you to make a lot of money. Either by playing yourself or by passively earning from other people playing. The Crypto Casino Industry is known to be highly unfair towards players, with the odds heavily stacked agains them. It is very frustrating to always loose in a Casino. Greedy Casino Dealers who take adavantge of players is unfair and depressing. SnowFlakeFloki can afford to have a high winning odds algorithm based on fair gameplays with winnings and profits. As the user base grows and more players join the casino, they have to buy SnowFlakeFloki tokens which increases the demand which results in a massive increase in the token price."

"This Monday 5pm UTC 27th December on Pancakeswap V2 there will be the launch of the $SFF token. You have the chance to be one of the first buyers. (Imagine you would have been one of the first investors in Shiba Inu) You have to set up your MetaMask or Trustwallet with BNB on the Binance Smart Chain and connect it with Pancakeswap. Please follow this videos for instruction: (Depending on the wallet you prefer)."

"A honeypot is a spoof that traps users into buying tokens while disabling the ability to sell them. The buyer’s funds are stuck in the contract because all withdrawals are disconnected. Usually, scammers blacklist all wallets other than their own."

"On Monday, Snowflake Floki debuted on PancakeSwap, a decentralized platform powered by the Binance Smart Chain, with some fans recognizing the red flag right away."

"In another development, Snowflake Floki, a parody of the Floki Inu Coin Meme, was released by blockchain security firm PeckShield. [Snowflake Floki] is a honeypot scam. It starts users buying tokens while deactivating the ability to sell them. The buyer’s money gets stuck in the contract because all withdrawals are segregated, usually because scammers blacklist all other wallets except their own."

"This type of scam is not new. Ethereum users have been dealing with honeypots for years. Since Binance Smart Chain is a much cheaper token issuing platform, such scams are commonplace in the smart contract chain."

"Now there is an easy way to spot honeypot, if not an easy way. A honeypot detector simulates a buy and sell transaction to determine if a project is a scam."

"Many unscrupulous people also try to take advantage of legitimate coin memes such as Floki Inu and Shiba Inu."

This is a global/international case not involving a specific country.

The background of the exchange platform, service, or individuals involved, as it would have been seen or understood at the time of the events.

Include:

Known history of when and how the service was started.
What problems does the company or service claim to solve?
What marketing materials were used by the firm or business?
Audits performed, and excerpts that may have been included.
Business registration documents shown (fake or legitimate).
How were people recruited to participate?
Public warnings and announcements prior to the event.

Don't Include:

Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed.
Anything that wasn't reasonably knowable at the time of the event.

There could be more than one section here. If the same platform is involved with multiple incidents, then it can be linked to a main article page.

The Reality

This sections is included if a case involved deception or information that was unknown at the time. Examples include:

When the service was actually started (if different than the "official story").
Who actually ran a service and their own personal history.
How the service was structured behind the scenes. (For example, there was no "trading bot".)
Details of what audits reported and how vulnerabilities were missed during auditing.

What Happened

The specific events of the loss and how it came about. What actually happened to cause the loss and some of the events leading up to it.

Key Event Timeline - Snowflake Floki Honeypot Scam
Date	Event	Description
December 27th, 2021 7:54:00 PM	Main Event	Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here.

Total Amount Lost

The total amount lost is unknown.

How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie?

Immediate Reactions

How did the various parties involved (firm, platform, management, and/or affected individual(s)) deal with the events? Were services shut down? Were announcements made? Were groups formed?

Ultimate Outcome

What was the end result? Was any investigation done? Were any individuals prosecuted? Was there a lawsuit? Was any tracing done?

Total Amount Recovered

There do not appear to have been any funds recovered in this case.

What funds were recovered? What funds were reimbursed for those affected users?

Ongoing Developments

What parts of this case are still remaining to be concluded?

Prevention Policies

Detection of honeypots can be done through online honeypot detectors. If using a third party platform to buy or sell the token, they can easily perform this review.