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Revealing Honeypots in High-Frequency Interactions on Decentralized Applications
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Summary
Researchers present the first formal definition of honeypots arising from high-frequency interactions with decentralized applications (DApps). Because transaction records and pending transactions are publicly visible on blockchains, attackers can predict a user's parameters and build honeypots that trick the user into actions. Using a log-based transaction parsing method, the study finds 99 smart contracts affected by 636 incidents, with losses exceeding 25M USD, and a frequent mining method recovers the causes of victim transaction reverts with an 82.39% success rate.
Mitigation
Based on the causes that lead to transaction reverts, the authors propose potential strategies to mitigate these security risks and validate them in a simulated environment. The specific strategies are not described in the source text.