Failed Ethereum ICO from 2016 just unlocked 1,003 ETH by exploiting itself

- HongCoin, the 2016 ICO that failed so hard it became a fossil, just got a resurrection. Researcher 0xFlorent didn’t hack anything; he just found that the contract’s refund logic was broken by its own accounting. By using an old admin function to tweak balances, he helped the original multisig unlock 1,003 ETH (approx $2M) for trapped investors. It’s not a bug exploit; it’s code archaeology. The same immutable logic that blocked refunds also held the key to fixing them. While regulators sleep, Ethereum’s memory keeps these ghosts alive. Proof that even dead projects can bite if you know how to read their obituary.