Ethereum

Casper

Quick Intel

Independent blockchain sleuth Wazz posted a public warning on July 28 that the “biggest $Neiro token on Ethereum is a honeypot.”&nbsp;
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-07/f05250fe-9c54-40a5-89ca-92329ae6c755.jpg" alt="$31M Neiro project on Ethereum ‘is a honeypot’ — Wazz">
 <figcaption style="text-align: center;">
 Source: <a href="https://x.com/WazzCrypto/status/1817616169358000157" rel="noopener noreferrer nofollow" target="_blank">Wazz</a>.
 </figcaption>
</figure>
Up front: our preliminary investigation remains inconclusive as of the time of this article’s publication. However, the post from Wazz does indicate several visible red flags with the project. We’ve so far been unable to find contact information for the developer(s) behind the token.
Per Wazz, whose past sleuthing accolades include being the <a href="https://cointelegraph.com/news/mark-cuban-hot-wallet-hacked">first to spot the $870,000 hacking</a> of billionaire Mark Cuban’s hot wallets, a particular Neiro meme token with an Ethereum blockchain address of “0x3ad4f189f08cdc60496eeBb3bd70B90dF28B7455” is a honeypot scam:
<blockquote>
 “It bypasses most automated scan tests but owner is constantly calling AutomatedMarketMaker() with addresses, which modifies the transfer() function, likely blacklisting any new buyers. Most scans are not detecting this.”
</blockquote>
Blockchain analytics site Quick Intel <a href="https://app.quickintel.io/scanner" rel="noopener noreferrer nofollow" target="_blank">shows</a> that the Neiro coin cited by Wazz has a market capitalization of approximately $31 million as of the time of this article’s publication. The site also warns that the project hasn’t been “renounced.”
In cryptocurrency parlance, this means the owner still has control over certain functions that could be used to manipulate the token or prevent users from divesting/investing funds and assets.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-07/8539d80b-18f2-45f6-b275-b0faee758075.jpg" alt="$31M Neiro project on Ethereum ‘is a honeypot’ — Wazz">
 <figcaption style="text-align: center;">
 Source: <a href="https://app.quickintel.io/scanner" rel="noopener noreferrer nofollow" target="_blank">Quick Intel</a>.
 </figcaption>
</figure>
Other suspicious indicators show that the token has direct connectivity to wallets outside its ecosystem and that its liquidity pool isn’t locked, meaning funds could hypothetically be drained at a moment’s notice.
Related: <a href="https://cointelegraph.com/news/casper-network-halts-operations-security-breach">Casper Network halts operations following security breach</a>

$31M Neiro project on Ethereum ‘is a honeypot’ — Wazz

Cointelegraph

Other articles published on Jul 28, 2024

Bitcoin’s Social Media Buzz Peaks as Price Nears $68K

Dogecoin Price Targets $0.15 Breakout As Open Interest Spikes 42% in July

Dogecoin Trader that Bought SHIB Early Says this Ethereum Token Will Rise 1,408% in 55 Days

MAGA Price Slumps 20% As Donald Trump Announces Plan For Strategic Bitcoin Reserve And Traders Ru...

Crypto VC roundup: Riot Platforms acquires Block Mining in $92.5m deal, NPC Labs raises $18m

Team Reveal On the Horizon! BlockDAG Presale Hits $62 Million As Experts Prefer BlockDAG Over Bon...

Join our free newsletter for daily crypto updates!