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$2M in ETH recovered after 9 years from a 2016 ICO bug by a white-hat researcher

Protocol Fundamentals
31 May 2026
Crypto Briefing
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Neutral
$2M in ETH recovered after 9 years from a 2016 ICO bug by a white-hat researcher

A white-hat researcher discovered an integer-overflow bug in the 2016 HongCoin ICO smart contract that had locked 1,003 ETH (around $2 million) for nine years. The bug prevented automatic refunds when the ICO failed to meet its funding goal. Working with the HongCoin team, the flaw was fixed without deploying new contracts, allowing investors to reclaim their locked ETH. As of May 31, about 907 ETH remained unclaimed, highlighting the importance of checking eligibility for refunds from legacy smart contracts vulnerable to old coding errors.

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