Using ChatGPT to spot crypto honeypots, scam contracts, and other red flags


29 Jun 2023 7:00 PM

Discover how OpenAI's ChatGPT with Smarter Contracts plugin is helping users to increase security and avoid potential crypto honeypots. This article provides an in-depth analysis of Ethereum smart contracts, distinguishing between legitimate contracts and potential scams....

  • OpenAI's ChatGPT now offers plugins to help users identify potential crypto honeypots, providing an additional layer of security in the volatile crypto market.
  • The Smarter Contracts plugin allows users to analyze smart contracts through the ChatGPT interface.
  • The plugin analyzes smart contracts and tokens on the Ethereum network, providing account information, resolving addresses, and identifying potential red flags.
  • Dynamo DeFi provided an example where the plugin flagged a contract as a potential scam, while another contract for Tether (USDT) had no red flags.
  • The flagged contract had features suggesting it was a honeypot scam, including an owner-controlled transfer mechanism and limited trading activity.

The article focuses on the introduction of OpenAI's ChatGPT plugins to identify potential crypto honeypots, highlighting the benefits of the Smarter Contracts plugin. It also provides a practical example and validates the methodology. The sentiment is generally positive, emphasizing the importance of security in the crypto market.

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You May Ask

What does OpenAI's ChatGPT offer to help users in the crypto market?How does the Smarter Contracts plugin analyze smart contracts?Can the plugin differentiate between legitimate contracts and potential scams?What were the findings when analyzing the contract addresses provided by Dynamo DeFi?What are the signs that the flagged contract is a potential honeypot scam?

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