A crazy bug was recently discovered in the ICON (ICX) smart contract. ICON, by the way, is a Blockchain platform capable of connecting various other ones. Such as the Bitcoin, NEO, Ethereum, QTUM, and ARK Blockchains. It then allows for different Blockchain cryptocurrencies to be exchanged through a decentralized reserve system. At the time that the issue was discovered, ICX’s market cap was over $800 million. Surely, with such a market cap, the bug must have been complex? Nope.
What is this bug?
Essentially, the discovered bug allowed any user to enable and disable token transfers for all ICX tokens, excluding the actual creator of the ICX contract, reminder, $800 million market cap. Check lines 162-165 of the code below for details.
This is sort of a big issue, especially because it deals with the principles of decentralization. This would require the ICX team to go back and alter their smart contract itself. Which could have effects of damaging their entire network, as well as their community’s morale. According to Reddit user NotYourMothersDildo, the issue was a typo, != instead of ==.
Why is this strange
Primarily because of the wild valuation that the ICX project has. This type of issue is not one that is overlooked during a banal code audit. Look, the team has a ton of funds available to ensure its community that this type of deal doesn’t happen. Of course, the team admitted that they are the ones to hold responsibility and that there isn’t really an excuse. Sure, granted the issue is nothing compared to that of the DAO incident.
But, this really goes to show how immature this market is and its wild west nature. It also goes to show that projects with valuations that are so high, shouldn’t be experiencing issues like this, especially so far along. By the way, at one point, ICX had a market cap of over $4 billion.