NEO, the cryptocurrency has a huge market cap, with more than half a billion in market cap and approximately $ 100 million in everyday trading volume. The system is facing a serious issue which makes it easy for hackers to steal the Altcoin.
The glitch was pointed out by Tencent Security Labs, the security division of a leading Chinese internet company Tencent. They also have issued regulations that can help the users to keep their cryptos safe.
How do they do it?
Whenever a user begins to access the NEO network on a node in its default settings then they put their cryptos at a great risk, there is a greater possibility for the user to lose all their cryptos to a hacker operating remotely. The blockchain platform NEO is similar to Ethereum. It is a popular platform among de-centralized application developers.
The bug in the platform puts users at risk; they are open for hacking as an easy prey. NEO platform users are vulnerable to losing their tokens because of the glitch and that includes NEO tokens too. Tencent Security firm has fired the warning shot so the developer’s community at NEO can tackle the situation also users are advised to update to the latest software and should always keep an eye out for any unusual activity.
A statement released stated
This bug can be patched by upgrading to the most recent version of the NEO-CLI client program, avoid using the RPC function, and modifying the address of BindAddress in the configuration file to 127.0.0.1. If someone must use RPC, then they should change the RPC port number, enable the https-based JSON-RPC interface, and set the firewall policy
NEO has been compared with Ethereum in the past and even called as “Chinese Ethereum” by the fans, at present, it has a huge user base from Asia. Users of the Cryptocurrencies NeoGas,Wombitm Red Pulse Phoenix and THEKEY should be on high alert as all of the above-mentioned Cryptocurrencies are developed using the NEO platform. They must be aware of what is happening in the platform and must follow precautions to keep their tokens safe.
Keeping this in mind all the Cryptocurrencies the market should be spending some time on their security now, any future breaches should be stopped from happening as this can cause chaos in the crypto market.