Whitehat Helps Recover $2M in ETH Stuck Since 2016 ICO
Summary
An Ethereum developer, 0xFlorent_, recovered 1,003.62 ETH worth about $2 million from HongCoin’s 2016 ICO contract after funds were stuck for nine years. The ICO failed to meet its funding goal, and a bug in the refund logic prevented 48 investors from claiming refunds. By finding a way to make the contract recognize the blocked investors again, he enabled the refunds and provided on-chain proof of the unlock. HongCoin’s team then completed 41 unlock transactions. The case highlights how old smart contract bugs can leave funds frozen long after a project ends, but experts say recoveries like this are rare and not a reliable way to reclaim most lost crypto.
