Ethereum · Decrypt
ICOs, or initial coin offerings, were a common way for crypto projects to raise money during Ethereum’s early years
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0xFlorent_ said he found a way for HongCoin’s old contract to recognize blocked investors again and release their refunds.
Key facts
- An Ethereum developer helped recover more than 1,000 ETH, worth about $2 million, from a failed 2016 crypto project, returning funds that had been stuck in an old smart contract for nine years
- First white-hat exploit on Ethereum: the reporter unlocked 1,003.62 Ξ ($2,000,000) trapped in a 2016 ICO smart contract for 9 years
- The recovery comes as attacks on the decentralized finance sector continue to mount, with more than $840 million lost in the first five months of 2026 and April alone accounting for more than $600
- Sunday, the developer, who goes by 0xFlorent_, said HongCoin’s 2016 ICO contract was supposed to refund investors after the project missed its funding goal, but a bug broke the refund function
Summary
A whitehat helped return $2 million worth of ETH frozen since HongCoin's 2016 ICO. HongCoin’s team used the developer’s fix to unlock refunds that had been bloced because of a smart contract bug. Such recoveries are rare but may unlock dormant value, Decrypt was told. An Ethereum developer helped recover more than 1,000 ETH, worth about $2 million, from a failed 2016 crypto project, returning funds that had been stuck in an old smart contract for nine years. Sunday, the developer, who goes by 0xFlorent_, said HongCoin’s 2016 ICO contract was supposed to refund investors after the project missed its funding goal, but a bug broke the refund function and left the ETH stuck.