Is Neiro the 'Biggest Honeypot Scam' on Ethereum? Blockchain Sleuth Wazz Raises Red Flags

Independent blockchain sleuth Wazz posted a public warning on July 28 that the “biggest $Neiro token on Ethereum is a honeypot.”

Independent blockchain sleuth Wazz has raised the alarm over a potential honeypot scam involving a major Neiro token on the Ethereum blockchain.

Our preliminary investigation is still ongoing and the scam has yet to be fully confirmed, but Wazz's post does highlight several visible red flags with the project. We’ve also been unable to find any contact information for the developer(s) behind the token.

However, one particular Neiro meme token, with an Ethereum blockchain address of "0x3ad4f189f08cdc60496eeBb3bd70B90dF28B7455," has been identified by Wazz as a honeypot scam.

For context, Wazz has previously sleuthed out the first signs of the $870,000 hack of billionaire Mark Cuban's hot wallets. Now, his latest post has garnered attention in the crypto community.

According to blockchain analytics site Quick Intel, the Neiro coin in question has a market capitalization of roughly $31 million at the time of this article’s publication. The site also flags that the project hasn’t been "renounced."

In cryptocurrency terms, this means the owner still has control over certain functions that could be used to manipulate the token or prevent users from divesting/investing funds and assets.

Moreover, other suspicious indicators show that the token has direct connectivity to wallets outside its ecosystem and that its liquidity isn't locked, which could allow funds to be drained at a moment's notice.

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