White‑hat developer unlocks 1,000+ ETH frozen since 2016 HongCoin ICO, returning roughly $2M to investors
A white‑hat researcher unlocked funds trapped in a 2016 HongCoin ICO smart contract, freeing more than 1,000 ETH (around $2 million) that had been frozen for nine years [1][4].
A security researcher identified and exploited a nine‑year‑old bug in the HongCoin ICO smart contract, freeing over $2 million in ETH that had been stuck since the failed 2016 token sale and assisting in returning the funds to investors [1] [2].
Reports say the contract’s refund function was broken after the sale failed to meet its goal, leaving roughly 1,000+ ETH inaccessible until the white‑hat intervention; outlets note the recovery returned funds to dozens of investors (reported as 48) and underscores risks in early smart contracts as well as the transparency of blockchain records [3] [4].
The work was described as a white‑hat recovery, illustrating ongoing community efforts to remediate legacy smart‑contract defects and recover long‑locked assets on Ethereum [2] [1].
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Citations
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- 1Researcher Cracks 9-Year-Old Bug, Frees $2M in Ethereum Locked Since 2016 ICOBitcoin.com News• Jun 1, 2026
- 2Whitehat Helps Recover $2M in ETH Stuck Since 2016 ICODecrypt• Jun 1, 2026
- 3Researcher Cracks 2016 HongCoin Bug, Frees $2M in Trapped ETHLive Bitcoin News• Jun 1, 2026
- 4White Hat Developer Recovers $2 Million Lost Since Crypto’s ICO DaysBlockNews• Jun 1, 2026
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