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Breaking News: Bug Discovered in ICON Smart Contract – Token Transfers Disabled

Reports have emerged that there is a bug in the ICON smart contract code. This programming error is being exploited by spammers to disable token transfer transactions. With the ICX token swap only four days away, this is yet another setback for the much-maligned cryptocurrency project.

Details of the Bug

According to a Reddit post, there is a critical error in the ICX ERC-20 token smart contract. Despite the ICON development team characterizing it as a minor error, users report that hundreds of thousands of transactions have been canceled. The reportedly allows anyone except the contract creator to disable or enable ICX token transfer on a network-wide level. A Redditor by the name of “NotYourMothersDildo” claims that someone has been spamming the ICON blockchain, disabling transactions in the process. According to the Reddit poster, the bug is the same one found in the Yggdrash cryptocurrency project.

An examination of the smart contract code shows the fragment where the error resides. It seems like a typographical error in the “onlyFromWallet” modifier. This particular modifier controls the ICON token transfer function via the “enable” and “disable” command gates.

The modifier with the incorrect code controls the fragment in the image below A Redditor with the username “firesquidwao” explains the problem thus:

This part of the code is a modifier. The modifier uses the thing in the require() to see if it is allowed, when called, to run the code in the {} in the two functions to enable/disable. However, instead of saying the message sender must be ==(equal) to the wallet address of the creator of ICON. It means that the message sender must !=(not equal) to the wallet address of the creator of ICON. So, everybody except for the creator of ICON then fits the requirement to use the modifier, and therefore everybody but him can enable/disable Token Transfer.

Another Setback for ICON

The news of the bug is the latest setback for the ICON project. For months, delays over the ICX token swaps kept investors apprehensive until Binance announced its support a few days ago. Binance even reportedly disabled all ICX token transfers but has since reversed the decision even though the problem appears to exist still.

Min Kim, a co-founder of ICON acknowledged the bug in a tweet. Kim said the bug was a minor issue and that steps were already being taken to rectify the problem permanently. However, even if the mistake appears small, the problem that it causes isn’t insignificant. Fixing code errors in a public blockchain can sometimes be a challenging endeavor. Thus, the question now is whether the development team can obtain a solution before the token swap on June 20.

While the story unfolds, the consensus on social media is that such a thing shouldn’t have occurred in the first place. Many believe that the development ought to have audited and tested the smart contract code before rolling it out to the public.

How big of an indictment do you think this latest setback is on the viability of the ICON project? Will this bug cause a delay in the ICX token swap? Keep the conversation going in the comment section below.

Image courtesy of Reddit and Twitter (@minhokim)

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Binance To Support the ICON (ICX) Token Swap and USDT Pairing, Clearing Confusion By HODLers

The Icon (ICX) MainNet 1.0 was launched back on January 24th after successful maintenance checks by the team at ICON were completed. The team had been testing the platform from the previous month of December. The Genesis block was then generated on the 24th of January at 18:25 UTC and all ICX coins needed on the new blockchain were minted.

The team had promised further communication during the MainNet launch on how the token swap will be carried out, but this did not happen for quite some time. The team would delay further communication about the token swap up until the 4th of April.

In the announcement via medium, the team apologized for their silence in the matter. They offered two methods of going about the token swap. The first was through the ICONex wallet and the second through yet to be announced exchanges.

The delay in communicating led many ICX HODLers to turn to Reddit to express their concerns. One Reddit user, Bentcan had this to say:

I bought ICX in January as a long term Hold and just checked in and am confused by all of this token swap/ airdrop talk.. Do I need to swap my ERC20 tokens ASAP or do I risk losing them?

It is with this background that Binance has announced that it will be supporting the ICX token migration. In the announcement, the team at Binance had this to say:

Fellow Binancians,

Binance will support the ICON (ICX) Mainnet Token Swap and will suspend deposits and withdrawals for ICON (ICX) starting from 2018/06/20 0:00 AM (UTC). Binance will handle all technical requirements involved for all users holding ICX.

We will open ICX deposits and withdrawals again once we deem the ICX mainnet to be stable.

Binance will also open trading for the ICX/USDT trading pair at 2018/06/13 8:00 AM (UTC).

Therefore, and following the instructions by Binance, all an ICX HODLer needs to do, is to transfer their tokens to the exchange before the 20th of this month. The exchange will do the back-end technical requirements for all the users. Deposits and withdrawals will resume once the MainNet is stable.

In the meantime, traders can enjoy ICX/USDT pairing beginning today, 13th June, 8:00 UTC. The token is currently valued at $1.89 at the moment of writing this and down 10% in the last 24 hours.