I was looking forward to registering for the ICO for Neon Exchange (NEX), and the official registration started today! For those who are unfamiliar with NEX, it intends on becoming a decentralized exchange and compete with the centralized exchanges such as Coinbase or Binance.
I thought, why that sounds so much more secure! I won't be so worried about an exchange being hacked. Plus the fees will likely be lower. It sounded like a wonderful idea to me. So I went to NEX's lottery to go sign up. Then I saw a catch...
To participate, I need to install NEX's Chrome extension. This will act as my wallet. So far so good. After all, my hardware wallet is accessed through a Chrome extension. Then when I went to install NEX's wallet, I saw this:
Let's take this to the extreme. If you agree to this, you are saying that when you go to some exchange and decide to send bitcoin to your offline wallet using Chrome, Fabian (who appears to have just sucked on a sour pecker before taking this photo) can change your bitcoin address to his bitcoin address. Why? Because you agreed to it. It's not even hidden in the terms and conditions in section 32, paragraph 179. It's right there when you go to install it.
Is there anyone out there that thinks this isn't a big deal? Am I being a tinfoil crayon eater? Or is this some cause for serious concern? Let me know what you think.
I noticed the same thing, I was attracted to the crypto world to get away from big corporations that just take your private information from you and profit without you even knowing half the time they are doing it.
Super sketchy! Great opportunity, but way too big of a risk atm.