NEO Vulnerability Allows Hackers to Steal Users’ Tokens, China’s Tencent Warns

NEO users may be at risk of having their funds stolen, as a security vulnerability could see hackers steal their funds using remote access to their wallets, according to China’s internet giant Tencent.

Through a post on Chinese social media platform Weibo, Tencent’s Security arm claimed that after looking into the NEO blockchain it found that if a user starts running a network node using default configurations and opens a wallet, it’s a risk of seeing hackers remotely access it.

Tencent’s post reads

Lab Monitoring the famous blockchain project NEO (corresponding to the digital currency "antcoin") has the risk of remote piracy. When a user starts the NEO network node with the default configuration and opens the wallet, the digital currency may be remotely stolen

The firm’s security lab claimed to have submitted a warning to NEO’s developers and node maintainers. It urged users to pay attention to the security of their wallets and update them as soon as possible.

Notably, NEO is a popular smart contract and decentralized application (dApp) platform that is often seen as the “Chinese Ethereum” as it is largely popular in the country, and has similarities to how Ethereum itself works.

The altcoin was one of the most affected by the crypto bear market, as it went from an all-time high near the $200 mark to little over $8 at press time. Despite the drop, it’s still one of the top altcoins out there, as it has a market cap of $520 million.

Tencent’s announcement seems to not have affected NEO holders as it’s dropping at about the same rate as the rest of the cryptocurrency ecosystem. At press time, CryptoCompare data shows NEO is down by about 2.2% in the last 24-hour period.

NEO's price performance

Earlier this year Tencent, known as China’s Facebook, was believed to be involved in the pre-Initial Public Offering (IPO) of cryptocurrency hardware manufacturing giant Bitmain. The company, as CryptoGlobe covered, denied its involvement.

Santander Clarifies It Isn't Using XRP for International Payments

Spanish bank Santander has recently clarified via microblogging platform Twitter that it isn’t using the XRP cryptocurrency for international payments, but is instead using a product developed by Ripple, the firm behind the token.

Santander’s clarification came shortly after it mistakenly told a Twitter user who asked whether it was using XRP that it was using the cryptocurrency for “international payments to 18 EU countries and the USA” through its One Pay FX app.

Given the attention the tweet received, Santander clarified the very next day it was a misunderstanding, and that its One Pay FX app uses Ripple’s xCurrent technology, and not the XRP token.

In its tweet Santander linked to a press release from last year, in which it revealed it was going to use blockchain-based technology to conduct international transfers for clients “on the same day in many cases or by the next day.” Per the document, Santander was the first bank to “roll out a blockchain-based international payments service to retail customers in multiple countries simultaneously.”

As CryptoGlobe covered in March of last year, the Spanish bank partnered with Ripple to launch the One Pay FX app, which is said to rely solely on Ripple’s xCurrent and RippleNet products, not XRP. The app’s users aren’t just able to see their transactions get settled in a short amount of time, they’re also able to see how much each transfer will cost.

One Pay FX was initially available to users  in Spain, the UK, Brazil, and Poland. Over time, Banco Santander revealed it was set to roll it out to more countries throughout the world. Notably, Santander has invested in Ripple back in 2015 and 2016.

Last year, Ripple formed various partnerships to see financial institutions use its products. Among them was MoneyGram, with the goal of speeding up fiat currency settlements. It also joined a consortium of 61 Japanese banks to create an instant payments app .