Another day, another hack news. This time the victim is NEO. NEO vulnerability exposes users as Tencent’s Security Joint Labs alerted the community about a bug. This bug allows hackers to remotely steal native tokens like Gas (GAS).

Tencent’s Security Joint Labs warned Neo (NEO) blockchain users about the bug. It makes it easy for hackers to “remotely steal tokens native to the blockchain.” The popular Gas (GAS) tokens are affected. Tencent used Weibo, a popular Chinese microblogging platform, to notify the blockchain and crypto industry.

A rough Google translation of Tencent’s notification reads:

“Blockchain re-explosive money crisis! @SecurityJointLab Monitoring the famous blockchain project NEO (digital currency ‘small any coin’) shows a risk of remote piracy.

“When a user starts the NEO network node with the default configuration and opens the wallet, digital currency may be stolen remotely. Tencent Security Zhanyi Lab has submitted a risk warning to the NEO development community. They reminded NEO node maintainers and ‘small any coin’ holders to secure their wallets, update the client version promptly, and watch for abnormal transfer behavior.”

How to Avoid Being Hacked

Tencent’s security arm also gave advise to the NEO community on how they can stave off any attacks. To prevent the loss of tokens, NEO users were advised to take the following actions:

• Avoid remote RPC function usage and modify the BindAddress location in the configuration file to 127.0.0.1
• Upgrade to NEO-CLI client program’s highest version
• Change the RPC port number if a user still insists on using remote RPC functions. In addition to the change, protect the security mode by setting up a firewall, enabling a Https-based port of JSON-RPC-based interface, etc.

NEO is a next-gen smart economy platform, often called ‘The Ethereum of China.’ It focuses on digitizing assets and managing them automatically using smart contracts.

With a value of $5.81 per coin and a market capitalization of $528 million as at the time of writing, NEO is presently ranked 17th on Coinmarketcap. When the crypto market experienced the bullish run that lasted from last year December to February this year, NEO had a value of $191 per coin.

In conclusion

The security arm of Tencent has warned users of NEO of a potential bug that allows hackers to steal tokens remotely. This warning was passed on the Chinese microblogging website, Weibo. The loophole affects the GAS tokens, which is quite popular in the crypto industry.

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