NEO
$5.57 -1.92%
NEO · 1w

Funds-Stealing NEO Node 'Exploit' Discovered by Chinese Tech Giant

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”.

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...

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