ICON (ICX) Token Transfers Disrupted By Smart Contract Bug

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June 16, 2018 by
ICON (ICX) Token Transfers Disrupted By Smart Contract Bug

ICON( ICX) is an interchain blockchain that joins different blockchains such as Bitcoin, Ethereum, as well as Qtum. ICON( ICX) is made use of as an intermediary cryptocurrency. It facilitates transactions amongst different cryptocurrencies by specifying the exchange rate via DEX Book.

Binance had actually revealed that it would certainly sustain the ICON (ICX) Mainnet Token Swap and also would remain down payments as well as withdrawals for ICON (ICX) beginning with 2018/06/20 0:00 AM (UTC). Binance would certainly look after all technological needs involved for all customers holding ICX. Binance would certainly likewise open trading for the ICX/USDT trading pair at 2018/06/13 8:00 AM (UTC).

A Reddit post highlighted that all transfers of ICON( ICX) have been interfered with thanks to a fatal insect in the wise agreement. A smart agreement insect, which was first found in Yggdrash (YEED) that allowed any individual other than the contract maker to make it possible for as well as disable token transfers for every person was spotted in ICON wise contract. ICX transfer has been exceptionally affected. Efforts are on to quarantine the insect.

ICON group produced a Tool article, “It was offered our interest that there has actually been a momentary ERC20 ICX transfer disable concern. We have actually executed a remedy to reduce additional issues. Most importantly, this mistake in no chance intimidates the safety and security of your ICX tokens. All the ERC20 ICX tokens are risk-free.”

Binance has supposedly handicapped the ICX budget. Another edit to the Redditors message shows that the system has resumed ICON token transfer operations. The danger of the modifier mistake is still in the clever contract code, and interruption continues. The insect seems a small one, but it has profound effects on ICON as a job which experienced delay this year. The major internet launch was introduced in January, however token swaps were delayed a number of times. It would certainly be a challenging job for ICON to maintain financiers amused from now on.

Last week ICON introduced a cooperation with Carboneum. Carboneum is a decentralized facilities and also procedure for social trading, leveraging blockchain to breakthrough transparency, automation and cultivate a reasonable fee system which is conspicuously awry in the current trading environment. The collaboration intends to “help Carboneum with its technical advancement on ICON blockchain and strategically support the task’s further development”.

ICON needs to reassess the protection and also scalability of its system to stay clear of scenarios like the wise contract insect and spend greatly in technical development.


A mechanical engineer turned journalist, Shekar takes a keen interest in the study and analysis of cryptocurrencies and blockchain strategy. With the cryptocurrency world blooming in the recent days, he finds great interest in monitoring their growth and gathering every possible piece of information about them. He works as a crypto-journalist for the website Kranbitcoin.

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