Blockchain Sleuth Wazz Sounds Alarm
On July 28, autonomous blockchain investigator Wazz declared a public warning to the Neiro Token, the first $Neiro token which is violative to the largest in the Ethereum network. He said Neiro was a honeypot scheme that is well disguised to the automated scan tests but contains malcode to blacklist new buyers.
Automated Scans Ineffective
Wazz’s discovery shows that the Neiro token is well ahead of the curve and avoids recognition by almost all automatic scan tests. The guy with the token keeps switch functions at the AutomatedMarketMaker () with the addresses which he gets online. This is likely the process which does not allow any new transaction by a buyer to become part of the blacklisting process that is not detecting by most of the scans available.
Preliminary Investigation Remains Inconclusive
At the time of writing this article, our research into the Neiro token has failed to come to a definite conclusion. Nevertheless, the red flags raised by Wazz infer profound suspicion. The developer(s) of the token have not responded to our attempts to reach out to them, which in turn is going to make it a bit reflective of the verification of the allegations we received.
Wazz’s Track Record
Wazz is best known for his ability to detect digital scams and fraud in the cryptocurrency world. He was the first one to notify that $870,000 had been hacked from billionaire Mark Cuban’s hot wallets. His input on the Neiro token is highly regarded among blockchain community officials.
Market Cap and Control Concerns
According to blockchain analytics site Quick Intel, the Neiro coin has a market capitalization of about $31 million. Moreover, governance of the site is still “renounced” or the project has not decentralized yet and is retaining the owner for the execution of certain functions. The top stakeholder might resort to the control he receives from the governance to edit the distribution of the token or be unfair about the users’ funds.
Additional Red Flags
Additional red flags are there such as the fact that there is direct connectivity to wallets outside the scope of the token and the liquidity pool is also open. It is safe to say that the contract is a typical case of such theft if the developer has free access and can steal funds without anyone noticing, hence, funds can be drained any time without any notice leaving the investors barely any chance to know where and when it might happen if at all.
Conclusion
Even though it is not fully known whether some illegal activity has happened, considering the warning from the Wazz and red flags related to the Neiro token serve as a wakeup call to investors. All are welcome to look for answers in relevant documents that will help in deciding whether this token is legit and reliable.
