Bug Discovered in ICX Smart Contract

A ridiculous bug was just lately identified in the ICON (ICX) smart contract. ICON is a blockchain platform which is able to link up with other ones, like Bitcoin, Ethereum, QTUM, NEO, and ARK Blockchains. It subsequently enables various blockchain cryptocurrencies to be exchanged via a decentralized reserve system. ICX’s market cap was about $800 million during the period in which the problem was identified. One might come to the conclusion that the bug might have been complex, with such a market cap. It, actually, was not.

What is this bug?

Taking out the main creator of the ICX contract, the discovered bug permitted any user to turn on and off token transfers for the remaining ICX tokens.

Due to the fact that it deals with the concepts of decentralization, this is a big problem. It might call for the ICX team to go back and adjust their smart contract itself, which could lead to them to possibly damage their whole network, likewise their community’s morale.

Why is this strange?

Mainly due to the outrageous valuation that the ICX undertaking has. This is not the kind of problem to ignore during a banal code audit. This team surely has more than enough funds at its disposal to guarantee its community that this sort of deal does not happen. Needless to say, the team admitted that they are the ones to hold responsibility and that there isn’t really an excuse.