Independent blockchain sleuth Wazz has issued a public warning claiming the $31 million Neiro project on Ethereum is a honeypot scam. While the investigation is ongoing, several red flags have been identified, prompting the accusation.
Beware, biggest $NEIRO token on Ethereum is a honeypot
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 pic.twitter.com/HE5H3tEoqt
— Wazz (@WazzCrypto) July 28, 2024
Wazz, known for uncovering the $870,000 hacking of Mark Cuban’s hot wallets, points to a specific Neiro meme token with an Ethereum blockchain address. The token, according to Wazz, bypasses most automated scan tests but employs a mechanism to blacklist new buyers, suggesting a potential honeypot setup.
A honeypot is a fraudulent investment scheme where funds are easily deposited but are difficult or impossible to withdraw. The lack of publicly available contact information for the project’s developers adds to the suspicion.
While the allegations are serious, it’s important to note that the investigation is still in its early stages. The cryptocurrency community is urged to exercise caution and conduct thorough due diligence before investing in any project.
The incident highlights the ongoing challenges in the cryptocurrency space, where scams and fraudulent activities remain a prevalent issue.
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