Neiro Project on Ethereum Under Scrutiny as Blockchain Investigator Alleges Honeypot Scam

The $31 million Neiro project on Ethereum is under scrutiny following allegations that it may be a honeypot scam. Blockchain investigator Wazz issued a public warning on July 28, highlighting several red flags that suggest illicit activity might be at play.

A blockchain investigator has issued a warning about a $31 million project on Ethereum that might be a honeypot scam.

The investigator, known as Wazz, highlighted several red flags in a public warning on July 28. He first raised concerns about a particular Neiro meme token with the Ethereum blockchain address “0x3AD4f189f08cDc60496eeBb3bd70B90dF28B7455.”

According to Wazz, the owner of the Neiro token appears to be manipulating the AutomatedMarketMaker() function. This function modifies the transfer() function, adding a blacklist condition for any new buyers. Such activities often bypass automated scan tests, making it harder for typical fraud detection systems to flag the scam. This sophisticated approach raises serious concerns about the legitimacy of the project.

Furthermore, blockchain analytics site Quick Intel has reported that the Neiro coin has a market capitalization of about $31 million and has not been "renounced" by its creator. This means the project has not fully transferred ownership to the community, and the owner still has some control over the token, which could be used to manipulate the market or prevent users from buying or selling the token.

The Neiro token also connects to wallets outside its ecosystem, and the liquidity pool is not locked, which means anyone can drain the funds. These factors add to the growing list of red flags suggesting the project may not be operating in good faith.

Finally, efforts to contact the developers behind the Neiro project have been unsuccessful. The project's website does not include any contact information, and the developers have not responded to inquiries from potential investors or members of the crypto community. This lack of developer transparency could make it easier for scammers to operate the honeypot scheme without being detected.

Wazz is known for his work in uncovering blockchain fraud, having previously identified the $870,000 hacking of billionaire Mark Cuban’s hot wallets. His reputation for sniffing out fraudulent activities lends weight to his current warnings about the Neiro project. The potential for this project to be a honeypot scam could have significant implications for investors and the broader cryptocurrency community.