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

Independent blockchain sleuth Wazz posted a public warning on July 28 that the “biggest $Neiro token on Ethereum is a honeypot.” 

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 first to spot the $870,000 hacking of billionaire Mark Cuban’s hot wallets, a particular Neiro meme token with an Ethereum blockchain address of “0x3ad4f189f08cdc60496eeBb3bd70B90dF28B7455” is a honeypot scam:

“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.”

Blockchain analytics site Quick Intel shows 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.

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.