A white hat hacker known as “0xflorent” has successfully recovered $2 million in Ethereum (ETH) that had been trapped in a faulty smart contract for nearly a decade. According to the hacker, they unlocked 1,003 ETH belonging to 48 investors who participated in the Hong Coin (HONG) ICO. This is reported by reported by Cointelegraph.com.
The Hong Coin project was intended to launch as a decentralized venture fund in 2016. However, the project ceased operations after failing to meet its financial goals. According to the smart contract rules, all collected investments were supposed to be automatically returned to the owners, but a system error caused the funds to become locked.
According to Etherscan data, one investor has already withdrawn 96 ETH (approximately $192,500). Working with the project creators, 0xflorent utilized an “integer overflow” vulnerability in the admin function to restore balances and trigger the refund mechanism.
This successful operation once again proves the importance of security and fixing bugs in legacy code within the crypto world. Previously, in May, the same hacker rescued 19.33 ETH from another failed 2018 project.
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