A Redditor brought to notice that ICON, the interchain that will connect blockchains like Bitcoin and Ethereum using ICX, serving as the intermediary currency, was hit by a fatal bug in its smart contract code. This bug prevents any ICX from being moved from the wallets.
An insight into the real problem:
Users reported that there was a flaw in the code, which seems to be with ‘onlyFromWallet’, a modifier that functions to enable or disable ICX transfer from a wallet. The code generates ‘!=’ rather than ‘==’. The code ‘!=’ means ‘not equal to’, while ‘==’ means ‘equal to’.
The resultant code does the exact opposite of what it is required to do. Basically, the smart contract interprets the code as saying the wallet is not same as, a specified address. The flaw is present inside a Smart Contract Code and changing smart contract code has a risk of scrapping the working of the contract itself.
The bug is yet another bad news for ICON
A Redditor puts it:
“The big mistake is having an $800M cap project run on a smart contract that was never audited and obviously never tested.”
A setback for ICON:
ICON has seen delays in 2018 and the bug is yet another setback for the ICON project. The investors have already faced disappointment, after the launch of its mainnet in January, token swaps were delayed for many months. Binance had, recently, made an announcement that they will support ICON’s mainnet swap and that they have added and listed, on their exchange the ICX/USDT as a trading pair.
With only four days left for the ICX token swap, this is yet another setback for the much-awaited cryptocurrency project. Binance, has reportedly disabled the ICX wallet. However, another edit to the Redditors post shows that the platform has continued ICON token transfer operations.
The ICON development team attributed it as a minor error, as per the reports users claimed that hundreds of thousands of transactions have been canceled. ICON co-founder, Min Kim sent out a tweet acknowledging the problem, which he called a “minor bug.” According to Kik, ICON has started a temporary fix as a stop-gap measure. Kim also claimed that the development team is currently working on a more long-term solution.
The price of ICON faced a major downfall of 10.58% after the news caught fire. The price at the time of writing is $1.94 .
Do you think ICON will be able to rebuild the broken trust of its investors and reestablish its name in the market? Do share your views with us.