Freeze Authority
"Token Account is Frozen"
Last updated
"Token Account is Frozen"
Last updated
When trading memecoins, it's essential to know about freeze authority. This can be a tricky concept, but hereβs a simple breakdown:
Definition:
Freeze authority allows the coinβs creator to restrict you from moving or selling the token. This can effectively steal your money and create a βhoney potβ where your funds are trapped.
Example of Freeze Authority:
Bad Actors: Some developers might abuse this feature by freezing your token account. This means you canβt sell that specific token, even though you can still use other assets in your wallet.
To avoid getting caught in a freeze authority trap, follow these steps:
Check for Freeze Authority:
Before buying any coin, use a tool like to see if freeze authority is enabled.
If it is enabled, it means the creator can stop you from selling the coin, effectively stealing your money.
Avoid Buying Coins with Freeze Authority:
If you see that freeze authority is enabled, itβs a sign that you should NOT buy the coin.
The creator might use this feature to freeze your tokens and prevent you from selling them.