ICECREAMSWAP SECURITY TIPS: Listed Vs Manually Imported Tokens
The safety and security of our users’ funds is our top priority. That’s why we’re taking this opportunity to educate our community about listed and manually imported tokens on IceCreamSwap Dex.
Although we already have some tokens listed on our Dex by default after the token founders have undergone our KYC verification. One of the features of IceCreamSwap being a Decentralized exchange is the ability to manually import tokens. This allows users to trade tokens that are not listed Dex by default. However, it is important to note that manually imported tokens are not subject to the same security checks as listed tokens.
Note: Some major tokens listed by default on our Dex do not have the KYC badge because they were listed before our KYC verification process was implemented. We have manually KYCed these projects, and they are therefore listed on our Dex by default.
Listed tokens are tokens that have been listed on our Dex by default after the token founders have undergone our KYC verification. While Manually imported tokens are tokens that are not listed on our Dex by default but can be traded by users by manually importing them.
Manually imported tokens are not subject to the same security checks as listed tokens. This means that there is a risk that users may be scammed if they trade manually imported tokens. For example, scammers may create fake tokens with malicious code (HoneyPot), pump the price making some users to be tempted to trade such tokens. Users who trade these tokens by manually importing them on our Dex are at risk of losing their money.
Note: Honeypot scams are scams in which tokens can be bought but not sold, except by specified wallet addresses. Scammers pump the price of the token by buying it themselves, creating a series of green candles that fool people into thinking the token is legitimate. When the scammers are ready to exit, they sell their entire token supply, leaving buyers with worthless tokens.
To avoid being scammed, only trade tokens that are listed by default on our Dex. These projects have completed their KYC verification with IceCreamSwap, which significantly reduces the risk of scams.
Note: We have seen many scams targeting users due to avoidable mistakes. To mitigate this, we have added additional security notifications when users manually import tokens on our Dex. We also regularly roll out security-educative tweets, warnings, and articles.
Here are some additional security tips for users:
- Do your research on the token before you trade it, even if it has been listed by default on our Dex. Make sure that the team behind the token is reputable and that the project has a strong community.
- Avoid tokens not listed on our Dex. A legitimate project should undergo KYC verification to build community trust.
- Be wary of tokens that promise high returns or that are promoted by celebrities or influencers. Most of these tokens are often scams, with a pump and dump hype.
How to identify listed tokens on IceCreamSwap Dex:
- Identifying listed tokens on IceCreamSwap is simple, because listed tokens have a KYC badge next to their token name.
Note: Some major tokens listed by default on our Dex do not have the KYC badge because they were listed before our KYC verification process was implemented. We have manually KYCed these projects, and they are therefore listed on our Dex by default.
Measures we have implemented to ensure that users are aware of the security implications of manually imported tokens:
- A warning message and delay timer are displayed before the import button becomes functional when users paste the address of a token that is not listed on our Dex.
- Imported tokens do not have a KYC badge next to their name.
- Most imported tokens do not have a token logo.
In summary: By following these tips, you can help to protect yourself from scams when trading manually imported tokens on IceCreamSwap. We strongly advise users to avoid trading manually imported tokens altogether. Manually imported tokens are more likely to be scams, and trading them poses a significant risk to your funds.
Note: The contents of this article is intended purely for informational/education purposes only. It should not be taken as prescribed financial advice to any degree.
Useful links:
Website: https://IceCreamSwap.com/
Telegram: https://t.me/IceCreamSwap_com
Twitter: https://twitter.com/icecream_swap
Discord: https://discord.com/invite/dVZm67rt4S
official medium: https://icecream-swap.medium.com/
IceCreamSwap wiki : wiki.icecreamswap.com/