Independent blockchain detective Wazz posted a public warning on July 28th that “Ethereum’s largest $Neiro token is a honeypot.”
First off, our preliminary investigation is still inconclusive as of the time of this article’s publication. However, Wazz’s post raises some notable red flags about the project. So far, we have been unable to find any contact information for the developer behind the token.
According to the past detective work of Per Wazz, who is credited with first uncovering the $870,000 hot wallet hack of billionaire Mark Cuban, the specific Neiro meme token with the Ethereum blockchain address “0x3ad4f189f08cdc60496eeBb3bd70B90dF28B7455” is a honeypot scam.
“While it bypasses most automated scan tests, it is highly likely that the owner is constantly calling AutomatedMarketMaker() on the address, modifying the transfer() function and blacklisting new buyers. Most scans will not detect this.”
According to blockchain analytics site Quick Intel, the Neiro coin cited by Wazz had a market cap of around $31 million at the time of publication. The site also warns that the project has not been “abandoned.”
In cryptocurrency terms, this means that the owner still has control over certain features that could be used to manipulate the token or prevent users from disposing/investing their funds and assets.
Another suspicious indicator is that the tokens are directly linked to wallets outside the ecosystem and are not locked in liquidity pools, meaning that funds could theoretically be withdrawn at any time.
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