White Hat Hacker Fixes Flawed 2016 ICO Contract, Recovers $2 Million

Hong Coin conducted an ICO through an Ethereum smart contract in 2016, but a programming error prevented investors from withdrawing their funds. The assets remained locked for nearly a decade, highlighting the risks posed by early blockchain projects that lacked mechanisms for contract upgrades and emergency repairs.

As of July 2026, a white hat hacker known as “0xflorent” had helped the Hong Coin team fix the flaw and unlock about 1,003 ETH, currently worth roughly $2 million. The team has begun issuing refunds to affected investors.