NEO Blockchain Co-Founder Erik Zhang Ensures Users There is No Possibility of Crypto Token Theft
It was suspected that a smart contract on the NEO platform had a bug that would compromise users’ funds. However, the situation was cleared up by NEO’s co-founder, Erik Zhang. He clearly said that users will not suffer a token theft.
A few days ago, some reports spread on the internet regarding the possibility to have funds stolen on the NEO network. The information was first released by the Chinese giant Tencent through the social media platform Weibo.
Tencent post shows that NEO has the risk of remote piracy. Users that start the NEO network node using the default configuration and opening a wallet could have their funds stolen. Nevertheless, the founder and core developer of NEO denied the risk of this remote attack.
On Weibo, Zhang commented that users of the NEO blockchain will not suffer the possibilities of a token theft operated from afar. He provided the technical information about these issues but he informed the NEO community that there is no reason to be worried about.
The information was released in English to the media on CoinNess and later confirmed on Twitter by NEO.
Erik Zhang @neoerikzhang, founder and core developer of #NEO, denied the risk of remote token theft for normal users and explained the reasons from the technical point of view. See report below👇 pic.twitter.com/yKfXYbD8bs
— Neo Smart Economy (@NEO_Blockchain) December 2, 2018
At the time of writing this article, NEO is the 17th largest virtual currency in terms of market capitalization. It has a market cap of $506 million and each coin can be purchased for $7.79. At the beginning of this year, NEO was able to reach the top 10 when its price skyrocketed to $150.
NEO is mainly located in China but the team behind it is trying to extend the reach of the network to many other countries all over the world. Knowing that there are still some issues to be solver on the NEO network show that the whole crypto market has yet things to modify and improve.