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TokenCard ICO Bug Disproportionately Distributes Tokens




A bug occurred during TokenCard's ICO, which appears to have allowed people who contributed with ERC20 coins to receive improper amounts of TKN rewards for their investment.

Status update from TokenCard on May 3, 2017 at 5:20pm PST:

TokenCard’s ICO, reported by ETHNews on May 2, was not a completely smooth take-off, as a bug caused an error in the distribution of virtual currencies to investors. Monolith Studio, the creator of the TokenCard platform, was fast to respond to the issue with a blog post on Medium. Mel Gelderman, the company’s co-founder and project leader, wrote that the team has a number of solutions in mind. "We are indeed fully aware of the bug that has occurred and there are indeed a number of solutions.”

Initially, Monolith said on Medium, “On a scale of 1 to 10 in terms of seriousness; this is 1."


Commenters on popular social media site reddit rebuked that sentiment, in one case calling Monolith’s statement “a joke.”

Monolith has since changed its language in the Medium post, saying “Though it is not a large issue, we are taking this very seriously.”

Monolith said it was ready for the possibility of issues arising since it expected that the TKN event would "push the boundaries of Ethereum crowdsales." It has frozen all transfers until satisfied with the results. The blog post advised, "Please just let your TKN sit on the address you contributed from, no actions are needed from the contributors side."

On the company's Slack, a popular chatting tool, Peter Vessenes, a member of the Monolith team, made a statement addressing the bugs in context:

"We’re investigating two server errors on the ERC20 crediting right now; first — it looks like not all of the ERC20 transfers were credited. We have very precise logs on and off chain, so we’re not worried, but we need to tie and tee the list.

The second server error we are looking at currently looks like remediation is going to be necessary. We have a number of ways to do that, but want to get a very clear look at it in the light of day while we’re not sleep deprived. It’s evening in Seattle right now, so expect more on this in the next 12 hours.

In the interim, please note that TokenCard has NOT published the final TKN token address; this is a safety oriented step to make sure that all participants get exactly what they were told they would during the contribution event.

Some of you are sophisticated enough to guess what contract is the token contract; DO NOT use any such contract or any contract given to you by others until we have the official on-the-site announcement."

The post did not detail what remediation measures may be used to address the bug, including one problem pointed out on reddit, which shows an Etherscan ledger detailing two transactions, one for 1,000,000 and one for 3,500,000 SNGLS which were sent to TokenCard's ICO address. Etherscan's ledger also shows a total of 6,173,999 TKN have been transferred out of the wallet. At the time of the investment SNGLS traded around $0.096, meaning the value of the investment was roughly $432,000, but it was rewarded with almost $6.2 million worth of TKN.

Vessenes said he would post an official communication over Medium and the website once a fix is implemented.

Jeremy Nation

Jeremy Nation is a writer living in Los Angeles with interests in technology, human rights, and cuisine.

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