China’s Tencent Discovers Bug Exploit in NEO Coin


As cryptocurrency continuous to rise in popularity and gain actual value, hackers have becoming even more rampant when finding ways to exploit any vulnerabilities of blockchains and stealing your coins.

The latest target for these villainous hackers is NEO. According to Weibo Post, Tencent Security Join Labs has discovered a vulnerability in NEO’s network which allows hackers are exploiting to steal coins remotely.

NEO is one of the more popular cryptocurrencies and has been often refereed as the “Chinese Ethereum” due to how similar wit is with Ethereum, which allows developers to create smart contracts and decentralized applications.

Even so, this recent discovering by Tencent Security labs may damage some of NEOs hard earned reputation. The Weibo Post made by Tencent Security Joint Labs 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”

The Weibo post does explain possible solutions in which users may be able to avoid possible hacking attempts, although, the warning does ask users to pay attention to abnormal transactions.

Our Thoughts

The Hacking business continues to grow and aim for any cryptocurrency they can lay there nasty hands on. NEO hasn’t been the only one to be targeted by rampant hackers in the past week, just a while back North Korean hackers were discovered to be targeting individual users of cryptocurrency.

Have you been affected by this recent NEO exploit?

Let us know your thoughts.


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Keith Wang

Keith Wang is a writer and programmer specializing in bitcoin and blockchain technology. Keith has been a long time believer of bitcoin and blockchain technology and spends his free time following up with blockchain news.

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