A pseudonymous white-hat hacker helped the creators of Hong Coin, a failed ICO project from 2016, recover $2 million in investor funds that were stuck in a faulty smart contract.

The developer told The Block that two of 48 eligible investors have already claimed 96.5 ETH that was unfrozen, worth nearly $200,000 at current prices.

A white-hat researcher exploited an integer-overflow bug in HongCoin's 2016 ICO contract, unlocking 1,003 ETH worth $2M for 48 original investors.