Beware of the Neiro Token: It Could Be a Trap

The well-known Wazz, a rather well-known personality in the cryptocurrency sphere, calls himself a blockchain detective. Of course, one may or may not believe him, but it is probably a good idea to at least pay attention to what he has to say, because he is wont to argue his every thesis. Well, according to his investigations, let's call them that, the $NEIRO token, which is anchored to the Ethereum blockchain, would only be a trap.

Wazz's credibility is mainly due to the episode of the attack against the popular US entrepreneur Mark Cuban, owner of the Dallas Mavericks NBA franchise. The entrepreneur was subtracted $870,000, last September, and it was the cryptodetective who first noticed it, reporting the theft to Cuban, and the world, from his X profile.

Neiro: All the Alarm Bells

Neiro is a minor memecoin, similar to numerous others that, almost daily, are launched in the Ethereum environment. The token's address on the blockchain is 0x3ad4f189f08cdc60496eeBb3bd70B90dF28B7455 and, according to Wazz, numerous alarm bells are ringing around the project.

Neiro can count on a market value of around $35 million, according to estimates by Quick Intel, a reliable site that conducts analysis on the blockchain. That's a good capitalisation. What is suspicious, however, is that it is a project that has not yet been renounced, as they say in the sometimes complicated jargon of cryptocurrency enthusiasts.

What Does It Mean To Renounce A Project

When we talk about renouncing a project (and not a project, since in this particular sense the verb is transitive) we mean that its launch has been completed. What does this mean? In fact, as long as no renunciation has taken place, the project manager will retain control over numerous functions that are no longer his responsibility, as they are the private responsibility of the investor. The owner of Neiro could arbitrarily manipulate the value of the currency or even go so far as to prevent users from withdrawing it.

When a new currency is launched, but its creators do not renounce the project, it is good to steer clear of it, because it could be a scam. The term honeypot, used by Wazz, is the right word to describe this scam: the token, like sweet honey, lures investors in. In a second stage, typically, once the victims have been lured, the funds left behind are taken away from them.

When three clues make a proof

As if the waiver issue were not enough, Neiro raises two more question marks of no small importance. The first is related to the fact that the token maintains direct connectivity with wallets outside its ecosystem, to which funds could be directed; the second is due to an oddity, so to speak: the so-called liquidity pool is not locked. This means that there is no lock to keep the deposited savings safe. The latter could therefore be drained, at any time, by those in control of the system.

In short, Neiro would not really seem to have anything in common with the good practices of other memecoins that have established themselves - such as DOGE, the most well-known, which we have already written about - but would rather have all the characteristics of a fraudulent and opaque scaffolding. There is no evidence to confirm Wazz's thesis, but these clues are already more than enough to make us, at the very least, think more carefully about whether we should trust this project.

The warning is a must, since Neiro is able to circumvent most scanning systems, appearing perfectly legitimate to many eyes. This neat appearance increases even more the suspicion that there is something not quite right behind it, because a candid appearance is matched by the dangerous settings we have just written about.

Keep up to date, or updated, with all the latest news from the Web3 world. Just subscribe to the Newsletter from SpazioCrypto.