NEO aka ‘Chinese Ethereum’ Falls Victim to Hackers in New Scam to Steal User’s Coins

NEO Falls Victim To Hackers In New Scam To Steal User’s Coins

One of the biggest pitfalls to any part of the traditional or cryptocurrency industries is that hackers seem to keep finding their way in. Both sectors of the economy have plenty for hackers to gain, though they have gotten creative recently in their ways of stealing information or funds. Social media websites and even government websites have been some of the platforms use. However, one of the recent developments has been due to a vulnerability in the NEO network, exposing users to theft.

NEO is based in China and has made a name for itself as the “Chinese Ethereum,” becoming one of the most popular digital assets. However, Tencent Security labs recently evaluated Neo, finding that there’s a vulnerability in the code. The post from the company states:

“Burst Blockchain re-explosive money crisis! @腾讯湛泸Lab Monitoring the famous blockchain project NEO (corresponding to the digital currency “small ant coin”) has the risk of remote piracy. When a user starts the NEO network node with the default configuration and opens the wallet, the digital currency may be remotely stolen. Tencent Security Zhanyi Lab has submitted a risk warning to the NEO development community and reminded NEO node maintainers and “small ant coin” holders to pay attention to wallet security, update the client version in time, and pay attention to abnormal transfer behavior.”

Whenever this type of situation happens with a platform, they often issue a warning to users, and the same can be said in this situation. There are a few ways that NEO advises users to avoid this circumstance, including upgrading to the current program and avoiding the remote RPC function.

So far, NEO had been a major success story, but this problem could change that classification. So far, there’s no announcement from NEO to demonstrate the damage, but finding a solution will be necessary to maintaining the trust of users.

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