ICON(ICX) Token Transfers Disrupted By Smart Contract Bug
ICON(ICX) is an interchain blockchain that joins various blockchains such as Bitcoin, Ethereum, and Qtum. ICON(ICX) is utilized as an intermediary cryptocurrency. It facilitates transactions among different cryptocurrencies by defining the exchange rate through DEX Reserve.
— Binance (@binance) June 13, 2018
Binance had announced that it would support the ICON(ICX) Mainnet Token Swap and would stay deposits and withdrawals for ICON (ICX) starting from 2018/06/20 0:00 AM (UTC). Binance would take care of all technical requirements involved for all users holding ICX. Binance would also open trading for the ICX/USDT trading pair at 2018/06/13 8:00 AM (UTC).
Minor bug. Quick solution initiated. Permanent solution already in the works and expected to be done today. Thank you for your patience and understanding.
— Min (@minhokim) June 16, 2018
A Reddit post highlighted that all transfers of ICON(ICX) have been disrupted thanks to a fatal bug in the smart contract. A smart contract bug, which was first discovered in Yggdrash (YEED) that allowed anyone except the contract creator to enable and disable token transfers for everyone was detected in ICON smart contract. ICX transfer has been profoundly affected. Efforts are on to quarantine the bug.
ICON team put out a Medium post, “It was brought to our attention that there has been a temporary ERC20 ICX transfer disable issue. We have implemented a solution to mitigate further problems. Most importantly, this error in no way threatens the security of your ICX tokens. All the ERC20 ICX tokens are safe.”
Binance has reportedly disabled the ICON(ICX) wallet. Another edit to the Redditors post shows that the platform has resumed ICON token transfer operations. The threat of the modifier error is still in the smart contract code, and disruption continues. The bug appears to be a minor one, but it has profound implications on ICON as a project which witnessed delay this year. The main net launch was launched in January, but token swaps were delayed several times. It would be a tough task for ICON to keep investors amused from now on.
— carboneum (@carboneum_io) June 9, 2018
Last week ICON (ICX) announced a collaboration with Carboneum. Carboneum is a decentralized infrastructure and protocol for social trading, leveraging blockchain to advance transparency, automation and foster a fair fee mechanism which is conspicuously amiss in the current trading ecosystem. The partnership intends to “help Carboneum with its technical development on ICON(ICX) blockchain and strategically support the project’s further expansion”.
ICON(ICX) needs to rethink the security and scalability of its platform to avoid eventualities like the smart contract bug and invest heavily in technological innovation.
Image via Medium
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