CZ reposted the open-source fruit-fly experiment, then Fruit Fly / Immortal Fruit Fly memes took off. Most contracts aren’t honeypots or backdoored, but supply is concentrated and liquidity is dead ($10–$1,500). 0x225a Dev held 80% at launch and made $30K.
According to GoPlus security research: Of 324,000 token issuances on Robinhood, the main risks that have appeared include business fraud, technical risks, contract vulnerabilities, trading security, and social engineering fraud.