Decentralised exchanges (DEXs) let anyone list a token in minutes. That is useful infrastructure — and a gift to operators who need neither a licence nor a customer-service desk. In 2026 the retail traps are familiar; the packaging is sharper.
Honeypot tokens let you buy a rising chart and then block sells, slap a ruinous exit tax, or blacklist wallets. Liquidity rugs seed a pool, pump buyers, then pull the pool or dump insider bags. Large DeFi incidents the same spring — including an April CoW Swap domain hijack that served a malicious lookalike site while contracts stayed intact, and a major Drift Protocol admin-takeover theft reported in the hundreds of millions — show that “decentralised” interfaces still hang on DNS, keys and off-chain glue. Fake airdrops and unlimited token approvals finish the job: you sign what looks like a normal wallet prompt.
Before you swap a meme, check whether a test sell works on a tiny size, who can mint or pause, and whether liquidity is locked. Bookmark official domains; after any phishing scare, revoke approvals from a known-good interface. A green candle on a DEX chart is not due diligence.
If this already cost you money, start at Get help. Anyone offering paid chain “recovery” of a honeypot: Fake recovery.
This article is for general information only. It is not legal or financial advice. Details change. If you have lost money, contact your bank or card issuer and use the routes on the help pages.