Altcoins News
By Evie Vavasseur
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How the Recovery Actually Worked. Instead of draining the funds for personal gain — which, let's be honest, would've been the easier…
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The Bigger Problem With Old Smart Contracts. The Hong Coin case is probably not a one-off. The early ICO wave, roughly 2016 through 2018,…
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What Hong Coin Said — and Didn't Say. The creators haven't released a formal statement about future security measures.
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A white-hat hacker just did something most crypto old-timers thought was basically impossible.
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The flaw had been sitting there the whole time. The contract's admin function was misconfigured, probably from the day it launched, and nobody caught it.
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The hacker didn't just exploit the bug and disappear.
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Instead of draining the funds for personal gain — which, let's be honest, would've been the easier path — the hacker guided Hong Coin's creators through the process of exploiting…
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No further details about the hacker's identity have come out. The creators of Hong Coin didn't name them.
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The recovery let the project reimburse affected investors. That's rare. Genuinely rare. Most ICO-era losses are permanent.
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The Hong Coin case is probably not a one-off. The early ICO wave, roughly 2016 through 2018, produced hundreds of smart contracts written before Solidity best practices were well…
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See also: Gravity Bridge Down After $5.4 Million Signing Key Breach
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It's a strange corner of crypto history. The code is immutable — it can't be patched. If a flaw exists, it exists forever, or until someone does exactly what this hacker did:…
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Security audits have gotten significantly more rigorous since then. Firms dedicated entirely to smart contract review now run through codebases line by line before anything goes…
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The Hong Coin situation drew attention to exactly that problem. And it probably won't be the last time something like this surfaces.
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The creators haven't released a formal statement about future security measures. They haven't said whether they plan to revisit other parts of their infrastructure, bring in an…
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