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HomeAltcoin NewsFunds-Stealing NEO Node 'Exploit' Discovered by Chinese Tech Giant

Funds-Stealing NEO Node ‘Exploit’ Discovered by Chinese Tech Giant

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Every cryptocurrency project is only as strong as its network. Service nodes play a major role of importance in this regard. For NEO, a project gaining a lot of attention lately, things are not looking too great. Researchers confirm the existence of a major bug which can allow criminals to steal wallet funds.


NEO Node Configuration Issue

Everyone running a cryptocurrency node needs to configure that setup accordingly. Relying on default settings is always akin to asking for trouble. This is a general rule of thumb in the world of software and technology. Owners of a NEO node may want to take special notice in this regard. The default setup can expose wallet funds to remote attacks.

This issue was discovered by Tencent’s security lab. The Chinese tech giant wants to help companies improve upon their existing security practices. Cryptocurrency network nodes provide critical services to a project. They relay transactions to miners and maintain individual distributed copies of the ledger. Having such a node open to remote attacks is never a positive development. Having such a vulnerability as part of the default setup certainly raises questions.

Addressing this problem is not all that challenging. Users can perform several steps to ensure their funds remain safe from harm at all times. Tencent’s security lab advises users to not utilize the remote RPC function at all. It is this particular function which allows for remote access. Sadly, that can also be explored by those with less than honest intentions at this time. To date, it remains unclear if anyone lost money because of this “exploit”.

NEO Node Configuration Issue

Taking Matters Into One’s Own Hands

This NEO node issue further illustrates cryptocurrency users need to remain on their toes. It is commendable to see more users spin up a network node as of late. This further helps to decentralize the NEO ecosystem as a whole. When issues like these become public, however, one has to wonder how many nodes may have been susceptible to such remote attacks.

Surprisingly, at least at the time of this writing, it seems this news doesn’t disrupt the market valuation of NEO that much. Cryptocurrency users have grown somewhat numb to announcements like these. Over the years, numerous bugs, hacks, and thefts have occurred across different projects. This node-related news, while extremely worrisome, doesn’t seem to faze too many people right now. It remains pertinent for users to monitor their node closely and make changes accordingly.

A default setup is never the end solution. It makes it easier to get involved in the NEO ecosystem. However, there are different settings to tweak at all times. Additionally, software needs to be kept up-to-date at all times. This example illustrates how being part of a cryptocurrency project requires constant work. That is a small price to pay for being in charge of one’s finances at all times.

Do you think that the “exploit” warrants more of a response? What does it say about the current market that there wasn’t one? Let us know in the comments below.


Images courtesy of Shutterstock, AdobeStock

JP Buntinx
JP Buntinx
JP is a freelance copywriter and SEO writer who is passionate about various topics. The majority of his work focuses on Bitcoin, blockchain, and financial technology. He is contributing to major news sites all over the world, including NewsBTC, The Merkle, Samsung Insights, and TransferGo.

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