The developer of the Neiro meme token (NEIRO) based on Solana earned $2.85 million by investing only 3 SOL ($552) in the launch of the coin. This was noticed by Lookonchain analysts.
The dev of $Neiro has made 15,508 $SOL($2.85M) with only 3 $SOL($552), a gain of 5,169x!😱
He spent 3 $SOL($552) to buy 97.5M $Neiro when deploying $Neiro.
Then he sold 68M $Neiro for 15,511 $SOL($2.85M) through multiple wallets, with a realized profit of 15,508 $SOL($2.85M).… pic.twitter.com/0PBP6gpJ0e
On July 27, a user using the Pump platform.fun has released 97.5 million NEIRO. He then sold 68 million NEIRO for 15,511 SOL ($2.85 million) through several wallets. Thus, his profit amounted to x5169.
He also sent 10 million Neiro to a dead address, leaving 19.5 million NEIRO ($1.8 million) with an unrealized profit of 1.8 million.
At the time of writing, the price of the token has increased by 56.1% and is $0.01985, according to CoinGecko.
In turn, the token of the same name, launched on the Ethereum network on July 28, is probably fraudulent, the blockchain detective Wazz warned.
Beware, biggest $NEIRO token on Ethereum is a honeypot
It bypasses most automated scan tests but owner is constantly calling AutomatedMarketMaker() with addresses, which modifies the transfer() function, likely blacklisting any new buyers.
Most scans are not detecting this pic.twitter.com/HE5H3tEoqt
According to his assumption, the owner of the coin blacklisted any new buyers.
"It constantly calls AutomatedMarketMaker() with addresses, which changes the transfer() function. Most [risk] scans do not detect this," Wazz wrote.
According to the Quick Intel blockchain analytics service, at the time of writing, the Neiro coin on Ethereum has a market capitalization of more than $17 million.
The site also warns that the owner has not relinquished control over the smart contract, so he can manipulate the price of the token or prohibit users from withdrawing or investing funds.
Data: Quick Intel.In addition, the token is directly connected to wallets outside its ecosystem, and its liquidity pool is not blocked, meaning that funds can hypothetically be exhausted at any time.
At the time of writing, the Neiro price for Ethereum has collapsed by 40.6% and is $0.03868, according to CoinGecko.
Cointelegraph was unable to contact Neiro's developer on Ethereum and independently confirm Wazz's findings.
Recall that in December 2023, before the launch of Sleepless AI farming on the Launchpool platform from Binance, unknown people conducted a rug pull of the token of the same name.