GMGN Flags Potential Contract Risks in BSC FLAP Launchpad Tokens

GMGN.Ai warns about certain FLAP-issued tokens on BSC potentially imposing up to a 100% sell tax, prompting adjustments to its default trading filters.

Summary

GMGN.Ai has issued a warning regarding potential risks associated with tokens from the FLAP Launchpad on the Binance Smart Chain (BSC). User feedback highlighted that some tokens feature a dynamic tax rate mechanism, which could impose up to a 100% sell tax, rendering them unsellable. In response, FLAP has been removed from the default filter for users without manual filters. GMGN advises caution for traders dealing with these tokens.

Terms & Concepts
  • BSC (Binance Smart Chain): A blockchain network developed by Binance, optimized for fast and low-cost transactions and compatible with the Ethereum Virtual Machine (EVM).
  • Dynamic Tax Rate: A mechanism in certain token contracts where tax rates on transactions can change over time or under specific conditions.
  • FLAP Launchpad: A token launch platform on Binance Smart Chain where new tokens can be issued and traded by users.