Thanks to its popularity among crypto enthusiasts, the Binance Smart Chain (BSC) is also an attractive target for malicious actors and holders of fraudulent contracts. In fact, there have been numerous cases of companies that have collapsed due to unaudited smart contracts. Since the BSC community has a lot of control, this leaves the space vulnerable to attacks for people with ill intentions. Luckily, there are third-party tools that anyone can access to help run a smart contract audit. Among the solutions on the market is a suite of free-to-use tools from the team at EagleEye Token.
How EagleEye Token has automated security auditing on the Binance Smart Chain
The EagleEye Token team believes that combatting projects that act in bad faith is the responsibility of all users within the crypto sphere. However, the team behind Binance Smart Chain has stated that their priority is maintaining and upgrading the smart chain. This leaves users to fend for themselves where security is concerned.
Binance Smart Chain has emerged as the leading blockchain network thanks to its scalability and interoperability. The platform offers users a multitude of benefits. It is designed to handle a large number of transactions, enable programmability and offer smart contracts to users who want to launch a new coin. Moreover, BSC is EVM compatible, boasts low transaction costs, and offers borderless transactions. Nevertheless, the convenience that BSC offers also comes with contracts that can be used in devious ways to extract user funds. The risks include:
-
Honeypot contracts
A contract that allows users to buy the token but does not allow sales. This creates the illusion of a rapidly expanding token price, enticing further investment. These contracts place the owner’s wallet address on a whitelist, allowing them to extract invested funds.
-
Siphoning mechanisms
Several projects on the Binance smart chain produce ‘reflections,’ or rewards for users that hold their tokens. Siphoning uses this mechanism to mask a direct transfer of funds from each transaction to the contract owner.
-
Rug pulls
The most egregious issue on the Binance smart chain is, rug pulls either mask liquidity locks or include a feature to bypass them. After accumulating an initial investment from new users, the owner extracts all liquidity – pulling the rug out from under their investors.
In order to help users enjoy the benefits of the Binance Smart Chain without falling victim to any of the above events. EagleEye Token offers enhanced security for users with a suite of tools. These tools were built specifically to counteract the influx of malicious actors and fraudulent contracts on the BSC while offering holders rewards. Over time, EagleEye Token hopes to become the premier provider of security on the platform.
Why use EagleEye Token for BSC Security?
EagleEye Token has built a solution for automatic smart contract audits. In this way, EagleEye Token is helping users to verify the security of any transactions before they’ve even taken place. With the Telegram analyzer custom bot from EagleEye Token, you can immediately verify any contract on the Binance Smart Chain. When you do this, you get a brief report that highlights potential problems found within the contract. This includes potential honeypots, delayed honeypots, and “rug pull” mechanisms.
The team at EagleEye Token believes that security on the Binance Smart Chain depends on empowering individual investors to make more informed decisions. For this reason, their tools are freely available – whether you’re a token holder or not, you can access these tools and use them whenever you need to.
EagleEye Token is run by a team of crypto enthusiasts who are all dedicated to eradicating the plague of fraudulent contracts currently infesting the Binance Smart Chain. More importantly, the EagleEye token team is dedicated to enhancing security while rewarding the community for their engagement.
To find out more about the security services from Eagle Eye Token, you can visit their website.