ICON (ICX) Transfer Troubles, ‘No Excuse’ Council Member Admits

ICON 3D Cryptocurrency Neon Coin

Popular South Korean-based crypto startup ICON (ICX) – who are building a platform they hope can provide multiple blockchains with the ability to interact with one another via smart contract technology – have incurred some problems in relation to their long-awaited ICX ERC20 token transfer.

The issue came by way of a smart contract bug that is claimed to have been discovered by Wolf Crypto, who tweeted a screenshot on Saturday morning (KST) showing text revealing it’d been discovered that ICON’s smart contract code contained a bug that allows “anyone to enable and disable token transfers.”

Notably, such an error was previously identified in the code of Yggdrash (YEED), another South Korean-based crypto startup whose founding team has ties to the ICON Foundation.

ICON Foundation Responds

In swift response, the ICON team issued an announcement stating that, having been alerted “that there has been a temporary ERC20 ICX transfer disable issue,” they’d put in place “a solution to mitigate further problems.”

Of note, ICON chose not to respond to widespread criticism from the community who were left wondering why the relatively minor error was not identified in a smart contract audit. They did, however, reassure ICX investors by disclosing that “this error in no way threatens the security” of the ICX ERC20 tokens.

Sorry Not Sorry

ICON Foundation Council Member, Min Kim, also did his best to appease concerns – as seen in his below tweet. In an effort to further appease the concerned ICON community, Kim took to ICON’s subreddit on Sunday morning to reemphasize his belief that “in the grand scheme of things, I consider this minor because the damage is minor.”

Choosing not to play the blame game, an honest Kim admitted that there was “no excuse” for the bug and that the ICON Foundation took “full responsibility” for its occurrence. He did, however, add that the team was “not sorry” in so far as “hiccups are part of growth,” but he was obviously aware that it is the resolution of these likely issues that defines a team and their reputation.

Forgiving Crypto Market

Whilst it seems the managerial, more so than the technical, blemish has been what has caused the most unnerving responses from the broader cryptocurrency community, the market is suggesting otherwise. Indeed, at the time of writing, ICX is up 3.17 percent over the past 24 hours – according to CoinCheckup; better than any of the ten most valued cryptocurrencies (by market cap).

Image From Shutterstock

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