In the cryptocurrency world, scams are one of the major issues we need to contend with. The most recent scam that has surfaced is a fake ‘neon wallet’. This recent scam is using the upcoming NNC airdrop by Neo Name Service to try and trick people into thinking there is an update for their Neon wallets. Be sure to monitor it closely
What is Neo Name Service?
Neo Name Service (NNS) is a decentralised domain name service which will run on the NEO blockchain. In short Neo Name Service will allow users to assign a .neo domain as an alias for their public key. So rather than having a long complicated public key users can send and receive funds to an easy to remember name such as bitguru.neo.
The domain name will not replace the public key but will rather point to it via a smart contract. In effect your domain name will have your public key associated to it. When the live version of Neo Name Service (NNS) is released, a bidding system will be deployed within the network meaning users will need to purchase domain names. On which NNC will be the native governance token on their platform.
Be Careful of scams
The fraudsters posed as New Econo Labs, instead using the account name ‘New Econo Labs’.
New Econo Lab (NEL) is the New Economy Laboratory they are a team of developers and web engineers who are working towards improving the NEO smart economy. NEL is in fact the biggest NEO Chinese Community according to their brief description on GitHub.
The scammers claimed that users needed an updated version of neon wallet in order to take part in upcoming NNC airdrop by NNS. This is not true, you would never need to update your wallet to take part in an airdrop. The fake GitHub code was there in an attempt to steal users private keys from them. Fortunately the fake update has since been removed. But this is a reminder to be very careful and always double check the authenticity of any downloads’, updates or websites you are using.
If you spot any scams be sure to get in touch with us on email@example.com and we can share them with everyone.