Ethereum-based meme coin NEIRO flagged as a honeypot scam

IconCryptoNewsTerminal Staff28 Jul, 2024

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Ethereum-based meme coin NEIRO flagged as a honeypot scam

NEIRO, an Ethereum (ETH)-based meme coin, has been flagged as a potential honeypot scam. The warning was raised by anonymous crypto trader Wazz, who noted that the project has no option to sell tokens. Instead, users are expected to buy the tokens but not sell them. Further analysis by CoinTelegraph revealed that the ETH-based NEIRO bypasses most automated scam tests. However, an Automated Market Maker warning was triggered. This indicates that the token has direct connections to wallets outside the ecosystem. Additionally, the liquidity pools are not locked, which means funds could be drained. Meme coins have become increasingly popular in recent months, with many projects launched on the Solana (SOL) blockchain. However, not all of these projects are legitimate, and scams are not uncommon. It is important to exercise caution when investing in any cryptocurrency, and to thoroughly research any project before committing any funds.

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