发表机构
Sapienza University of Rome（罗马第一大学）
机构由 AI 辅助整理，请以论文原文为准。AI 中文总结
本研究监控83个Telegram频道，发现去中心化交易所中的拉高出货实为蜜罐代币诱饵陷阱，组织者99.3%获利超700万美元，并提出交易模拟工具以在购买前检测蜜罐代币。
AI 中文摘要
虽然拉高出货（Pump-and-Dump）方案已在中心化交易所（CEXs）上得到广泛研究，但它们在去中心化交易所（DEXs）上的运作方式在很大程度上仍未得到探索。我们监控了83个用于协调拉高出货活动的Telegram频道，并在BNB智能链和以太坊上收集了3,677个事件。我们的分析揭示，尽管这些操作表面上类似于基于CEX的拉高出货方案，但其底层机制根本不同。组织者并非操纵价格，而是围绕蜜罐代币策划欺骗性的拉高出货活动，这些代币的智能合约允许Telegram订阅者购买但阻止他们出售。受害者不知晓这一限制，购买这些代币后无法收回资金。我们将这种新型欺诈机制称为诱饵陷阱（Bait-and-Trap）。我们表明，诱饵陷阱提供了比拉高出货方案更可靠的盈利策略：组织者在99.3%的情况下获利，提取了超过700万美元的利润。为应对这一威胁，我们开发了一个交易模拟工具，通过测试用户是否能够针对代币的实时合约状态成功出售，在购买前检测蜜罐代币，为对抗诱饵陷阱操作提供了实用防御。
英文摘要
While Pump-and-Dump schemes have been extensively studied on centralized exchanges (CEXs), how they operate in decentralized exchanges (DEXs) remains largely unexplored. We monitor 83 Telegram channels used to coordinate Pump-and-Dump campaigns and collect 3,677 events across the BNB Smart Chain and Ethereum. Our analysis reveals that, although these operations superficially resemble CEX-based Pump-and-Dump schemes, their underlying mechanism is fundamentally different. Rather than manipulating prices, organizers orchestrate deceptive Pump-and-Dump campaigns around honeypot tokens whose smart contracts allow Telegram subscribers to buy but prevent them from selling. Unaware of this restriction, victims purchase these tokens and are unable to recover their funds. We refer to this new fraud mechanism as Bait-and-Trap. We show that Bait-and-Trap provides a substantially more reliable profit strategy than Pump-and-Dump schemes: organizers gain in 99.3% of cases, extracting over $7 million in profit. To counter this threat, we develop a transaction-simulation tool that detects honeypot tokens before purchase by testing whether a user can successfully sell against the token's live contract state, providing a practical defense against Bait-and-Trap operations.
