This year will be remembered for a long time as one of the toughest years for cryptos. Not only is the market continuously bearish for almost full nine months now, but numerous hacks, scams, and even bugs made a serious impact on a reputation of many a coin. One of the biggest bugs that damaged one coin’s reputation concerns the ICON ICX bug, which was noticed back in June of this year.
The ICX bug
Even though the market has remained mostly crypto-unfriendly for the large part of this year, there were a few instances when things didn’t look so grim. During these short periods, some coins were actually doing quite well. ICON (ICX) was one such coin, which was progressing nicely until June.
At one point, the platform decided to take up a new project, one that would interconnect it with other blockchain ecosystems. That way, shared operations, and intercommunication would become possible through the use of smart contracts. However, it all seemingly went south after a big bug was reported by the crypto enthusiasts, and the problem seemed to lie in the ICON’s smart contracts.
The issue appeared around June 16, when one user reported a bug in the smart contract code. This user stated that the bug is huge, and it can allow pretty much anyone to manipulate the tokens. While the community disapproved of the bug, stating that it might affect the ICX ERC-20 transfers, the platform responded by confirming the bug but claiming that the ERC-20 tokens are not in any danger.
The ICON team tried to calm the investors and holders by claiming that their tokens are not exposed to attacks. They even published a post where they explained what happened. In this report, ICON claimed that the problem resulted only in a temporary block of some ERC-20 transfers. They also noted that the bug was located and that it was quickly handled with a temporary solution.
The incident brought up some serious security questions
Soon after notifying the community that the temporary solution was in place, Min Kim, one of ICON’s council members, stated that the bug is a minor issue and that the ICON team is working on a long-term solution. While this seemingly satisfied the majority of the community, the ICX bug still remains shrouded in mystery.
Several unanswered questions remain, like why was the bug not spotted earlier by the team itself? Has the code been audited? Is the code of the MainNet itself audited? These and other such questions have remained in minds of ICON investors to this day, and many have lost the trust in the platform and its coin.
While this is hardly the worst thing that has happened to the crypto community, the danger is still real, and suspicions still remain. After all, a single mistake can damage the coin beyond repair, and a single bad actor who wants to stop transfers and knows how to do it could do the same.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors
When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat. These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor. But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.
Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace. The real benefit to trading in these offices is to participate in the free flow of trading ideas and information. Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed. Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?
While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.
Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors. The goal of the platform is to help newcomers shorten their learning curve,…
CoinFlip Scores Big with BRD Wallet Partnership
As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible. While many crypto users are extremely tech oriented, a lot of those on the sidelines are not. The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above. In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country. Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.
In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map. Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells. BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit. The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.
Cryptocurrencies are already making a huge difference around the world. Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…
Can Libra help the crypto industry to reach new heights?
The market for cryptocurrencies started with the launch of Bitcoin in 2009, and since then, so many cryptocurrencies have been launched that it gets hard to keep track of them. The crypto market has seen massive growth in the past 3-4 years as it started gaining attention from mass media, which helped in this boom.
From the past 2-3 years, several new cryptocurrency projects were launching in the market. Amid all this, the social media giant – Facebook announced the launch of their cryptocurrency platform, and this news got viral like wildfire. The announcement came forward in June, and the upcoming cryptocurrency is known as Libra, and it’ll come with its dedicated wallet called Calibra.
What is Libra?
Libra is a permissioned blockchain-based digital currency which is being developed under the supervision of Facebook’s vice president, David A. Marcus. The cryptocurrency is under development in partnership with an independent, non-profit member Libra Association. Facebook is the second member of the project, and these companies aim to use Facebook’s user base for the promotion of the digital currency when it is launched. The transactions and the cryptocurrency will be managed and cryptographically entrusted by the Libra Association.
Note: Libra Association was established by Facebook to look after the cryptocurrency and the transactions, and it was founded in Geneva, Switzerland.
The development of…