The huge cryptocurrency NEO has a market cap of half a billion and has over $100 million of a daily trading volume but now it apparently has a critical glitch that is giving hackers the chance to steal digital currency. Tencent Security Labs, which is the security side of the massive Chinese internet company Tencent, has found the glitch and has issued regulations on how to fix it to avoid losing out on your cryptocurrencies.

When a user uses the default configuration to start a node on the NEO network, they are at risk of hackers stealing their cryptocurrency remotely. NEO is a blockchain platform which is popular for developing scalable decentralised applications (dApps), in a similar fashion to Ethereum. This leaves users who are vulnerable to the glitch at risk of losing their tokens through the NEO platform which includes the NEO token too. The Security firm has sent out a warning to the developers at NEO developers and the community about this glitch in addition to warning users to always update the most recent software and to look out for unusual activity on the platform.

As it says on Bitcoin News:

“This bug can be patched by upgrading to the most recent version of the NEO-CLI client program, avoid using the RPC function, and modifying the address of BindAddress in the configuration file to 127.0.0.1. If someone must use RPC, then they should change the RPC port number, enable the https-based JSON-RPC interface, and set the firewall policy.”

There has been a comparison between Ethereum and NEO with the latter being dubbed as the ‘Chinese Ethereum’ and has a big user base in Asia and several dApps. The cryptocurrencies NeoGas, Wowbitm Red Pulse Phoenix and THEKEY as well as others, all run on the NEO blockchain. Users of these cryptocurrencies have got to know that this glitch is happening and that they need to do the above steps to fix the issue.

With all this in mind, some cryptocurrencies should look into their security to make sure that there aren’t any potential breaches on their platform(s).

What are your thoughts? Have you fixed this bug yet? Let us know what you think down below in the comments!