A bug in the ICON smart contract has disabled all ICX token transfers

in icon •  10 months ago

As reported by bitcoinist.com a bug in the ICON smart contract has disabled all ICX token transfers.

The bug is reportedly a flaw in the following modifier code

modifier onlyFromWallet {
  require(msg.sender != walletAddress);
  _;
}

The error lies in the “onlyFromWallet” modifier, which controls the enable/disable ICX token transfer function. Instead of “!=,” it should be “==.” By using the former, the smart contract interprets the code as saying the wallet address is not equal to a specified address when the reverse is the case. Thus, anyone apart from the contract creator can enable or disable token transfers, which is a huge problem. According to the original forum poster on Reddit, someone has been spamming the contract by disabling ICX transfers.

Binance, which recently announced its support for the ICX mainnet token swaps, has reportedly disabled the ICX wallet. Another edit to the Redditors post shows that the platform has resumed ICON token transfer operations. However, at the time of writing this report, the modifier error is still in the smart contract code. Thus, anyone with enough ‘gas’ can disable token transfer transactions.

Though the error seems to be a simple one to fix, it is yet another setback for the ICON project that has seen delays in 2018. Despite launching its mainnet in January, token swaps were delayed for many months, leaving investors apprehensive.

ICON co-founder, Min Kim sent out a tweet acknowledging the problem, which he called a “minor bug.” According to him, a temporary fix had been initiated as a stop-gap measure. Kim also said that the development team is currently working on a more long-term solution.

Minor bug. Quick solution initiated. Permanent solution already in the works and expected to be done today. Thank you for your patience and understanding. June 16, 2018

However, several people are still reporting that the problem persists. A look at the ICON smart contract address shows that numerous transactions are still being canceled due to the bug. The consensus of social media is that this latest problem is a damning indictment of the ICON project. According to them, an $800 million project should do their due diligence by properly auditing smart contract codes before launching them.

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  

Hi! I am a robot. I just upvoted you! I found similar content that readers might be interested in:
https://bitcoinist.com/smart-contract-bug-disable-icon-icx-transfers/

Congratulations @charlieheart! You have completed some achievement on Steemit and have been rewarded with new badge(s) :

Award for the number of upvotes

Click on the badge to view your Board of Honor.
If you no longer want to receive notifications, reply to this comment with the word STOP

Do not miss the last post from @steemitboard!


Participate in the SteemitBoard World Cup Contest!
Collect World Cup badges and win free SBD
Support the Gold Sponsors of the contest: @good-karma and @lukestokes


Do you like SteemitBoard's project? Then Vote for its witness and get one more award!

Congratulations @charlieheart! You have completed the following achievement on the Steem blockchain and have been rewarded with new badge(s) :

You made more than 14000 upvotes. Your next target is to reach 15000 upvotes.

Click here to view your Board of Honor
If you no longer want to receive notifications, reply to this comment with the word STOP

Do not miss the last post from @steemitboard:

Be ready for the next contest!
Trick or Treat - Publish your scariest halloween story and win a new badge

Support SteemitBoard's project! Vote for its witness and get one more award!

Congratulations @charlieheart! You received a personal award!

Happy Birthday! - You are on the Steem blockchain for 1 year!

Click here to view your Board

Do not miss the last post from @steemitboard:

Carnival Challenge - Collect badge and win 5 STEEM
Vote for @Steemitboard as a witness and get one more award and increased upvotes!