HongCoin Investors Recover $2 Million After Nine-Year Lockup

HongCoin Investors Recover $2 Million After Nine-Year Lockup

First seen 1 Jun 2026, 05:17 UTC •CryptobriefingValuethemarketsTheblock.Cowww.coinage.media •83% similarity •39.9

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A security researcher named Florent discovered an integer-overflow bug in the HongCoin ICO smart contract, which had locked approximately 1,003 ETH (around $2 million) since 2016. The bug prevented refunds to investors after the ICO failed to meet its funding goal. Florent worked with the HongCoin team to patch the vulnerability without deploying new contracts, enabling investors to reclaim their funds. As of May 31, 2026, around 907 ETH remained available for claims, indicating many investors had yet to act. This incident highlights the risks associated with legacy contracts lacking modern protections. The HongCoin case serves as a reminder of the importance of reviewing older smart contracts to safeguard investor interests.

Key Points: • A decade-old integer-overflow bug in HongCoin's ICO contract was fixed, unlocking $2 million. • The recovery process involved collaboration between the researcher and the HongCoin team. • 907 ETH remains available for investors to claim as of May 31, 2026.

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Timeline

2016-08-01
HongCoin ICO launched
HongCoin's ICO began, attracting contributions in ETH from 48 participants but failed to meet its funding target.
Valuethemarkets
2026-05-26
Vulnerability discovered
Florent found an integer-overflow bug in the HongCoin ICO smart contract that had locked funds since 2016.
Cryptobriefing
2026-05-30
Funds unlocked
The HongCoin team executed 41 transactions to restore the contract's refund functionality, allowing investors to reclaim their ETH.
Valuethemarkets
2026-05-31
Investors begin claiming funds
As of May 31, 2026, around 907 ETH remained accessible for investors to claim after the recovery process.
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