#0xflorent

The post The Nine-Year Wait Ends: Stagnant ETH Unshackled from 2016 ICO appeared on BitcoinEthereumNews.com. A forgotten trove of nearly $2 million in ether (ETH), trapped for nearly a decade after the ill-fated 2016 HongCoin Initial Coin Offering (ICO), has been liberated thanks to the expertise of a security researcher known as 0xflorent. By pinpointing and exploiting an integer overflow flaw in the outdated smart contract, 0xflorent facilitated the recovery […] Continue Reading:The Nine-Year Wait Ends: Stagnant ETH Unshackled from 2016 ICO Source: https://en.bitcoinhaber.net/the-nine-year-wait-ends-stagnant-eth-unshackled-from-2016-ico

The post Whitehat developer unlocks $2 million stuck in a 2016 Ethereum ICO contract for nine years appeared on BitcoinEthereumNews.com. A security researcher who goes by 0xflorent worked with the team behind a 2016 Ethereum (ETH) ICO contract to unlock about $2 million in ether that had sat trapped for nine years, in a coordinated whitehat recovery that exploited an integer-overflow flaw the original developers had never patched. The contract belongs to HongCoin, a 2016 token sale that fell short of its funding goal and was supposed to auto-refund investors’ ether but failed to do so because of a bug in the refund function. 0xflorent’s path unfroze 1,003.62 ETH, with 48 original investors now eligible to claim. Two have done so, retrieving a combined 96.5 ETH worth roughly $193,000, he said in an X thread Sunday. First white-hat exploit on Ethereum: I unlocked 1,003.62 Ξ ($2,000,000) trapped in a 2016 ICO smart contract for 9 years. The 48 original investors can now claim their funds.

The post Ethical Hacker Frees $2M in Ethereum Trapped Since 2016 ICO Failure appeared on BitcoinEthereumNews.com. Key Points Security expert “0xflorent” successfully freed approximately 1,003 ETH (valued at roughly $2 million) from a 2016 HongCoin ICO smart contract after nine years An error in the contract’s refund mechanism prevented investors from withdrawing their ETH when the ICO failed to meet its fundraising target The researcher collaborated with HongCoin’s team to leverage an integer overflow flaw in an administrative function to release the locked assets 48 initial investors are now able to retrieve their ETH; two participants have already withdrawn 96.5 ETH (approximately $193,000) The researcher accepted no compensation — only voluntary “whitehat rewards” from grateful investors A cybersecurity expert has successfully released approximately 1,003 Ether valued at around $2 million that remained trapped in a 2016 ICO smart contract for almost ten years. The cryptocurrency bel