Smart Contract Bug Spotted: ICON (ICX) Reports the Problem As Solved

ICON seems to be enjoying the latest trend in the market with the majority of currencies trying to acquire a solid bounce. ICX is rising by nearly 3% with the latest change in its price. Moreover, Binance has awarded ICX with another trading pair, adding BNB into the story as announced during the past week.

Alongside with actively progressing in the market with the latest trend, ICON took over the project of interconnecting ICON platform with other blockchain ecosystems, that way enabling intercommunication and shared operations that would be enabled by the smart contract technology.

However, one of the crypto enthusiasts reported the bug while providing evidence, stating that the error in the system is strictly connected to smart contract operations creating problems for ICON.

Bug Found in Smart Contract Code: ICON Says the Problem is Solved

Yesterday, on June 16th, an ICX user reported that he had found a bug in the smart contract code regarding the latest project of the Icon platform where the team is planning on interconnecting different blockchain ecosystems in order to enable communication between different platforms, that way also enabling transactions via different chains.

The user reported on this occasion that the reported bug allows anyone to manipulate the tokens, so that is how the problem started for ICX.

ICON responded to the initial report almost immediately, while confirming the bug found in the code of smart contract technology used by ICX, stating that the ERC20 tokens are not in any way jeopardized by the reported bug.

The community disapproved of the found bug, considering the fact that the bug affected the ICX ERC20 transfers, making this part of the system dysfunctional at the time the error was found.

The team behind ICON has immediately taken the needed steps to calm down their holders and investors, assuring them that their tokens are not being exposed to any attacks and neither are a part of any legal activities.

The team published a post on medium, providing a brief explanation on what happened, adding that the problem was spotted only in form of temporarily blocked ERC20 transfers.

Bug Report: ICON is looking for a Long-Term Solution

Immediately responding to the case of the spotted bug in smart contracts, that way preventing tokens from being transferred, ICON has stated in their release on Medium that the error that was found was marked as a temporary bug, while not affecti9ng the safety of the t0okens.

The team has further stated that they have found a short-term solution that tamed the problem for now; however, the team added that they are working on a long-term solution that would prevent such errors from ever reappearing.

The team has concluded their release by stating that they are close to finishing the final preparations for completely neutralizing this error.

The team has thanked the community for their patience, reminding them again that the “minor issue” has been neutralized while not placing the security of ICX into question.

One of the council members of ICON, Mr. Min Kim stated in a separate tweet post that the error that was found was just a minor bug that would be solved “by the end of the day” (as stated on June 16th).

Min Kim further added that having minor errors appearing while the work is in the progress is a quite normal thing for a developing project, while he stated that the team of ICX took the full responsibility of the error while quickly resolving that problem.

It seems that the ICON community is of forgiving kind, so the efforts made by the team as well as the immediate attention that was given to this issue seem to be greatly appreciated by the community, the investors, and holders.

ICON (ICX) Performance

ICON seems not to be affected by the recent case of the found error in the smart contract code, so we could see it up by over 3% yesterday on June 16th while the problem was still an open case, while ICX traded in the green despite the market trend.

Now that the market seems to be trying to bounce off against the dollar, ICON is still showing signs of progress in the market, now being traded at the price of 2.03$ per one ICX.

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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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