Crypto

Blockchain Transaction: A Small Mistake Costs the Crypto Community Expensively – BeinCrypto

When looking at the blockchain, sometimes a small mistake becomes a big problem. The industry community paid for it.

Millions of dollars lost due to a careless mistake

Although cryptocurrency transactions are very easy to perform, as well as fast and inexpensive, they still require a little attention. Indeed, if the crypto addresses are complex and unique, they can lead to some errors. The Juno community has experienced this recently.

Recently rocked by the whale scam case, Project Juno was poised to close this chapter in its history. Indeed, when launching the JUNO coin via airdrop, some precautions were taken to avoid abuse. Thus, it was impossible to get more than 50,000 tokens for one wallet.

However, Japanese investor Takumi Asano was able to bypass the restriction by getting JUNO for several crypto wallets before raising the amount; Asano is estimated to have been able to recover nearly $36 million worth of tokens as a result. However, this did not go unnoticed for long, and the main actors of the project decided to return all their funds, waiting for the community to find a way to spend them.

The matter could have ended there if one of the Juno developers, who was then responsible for transferring funds, had not made a mistake during the transaction. Instead of entering the transaction address, he copied and pasted the hash code. Thus, 3 million JUNOs were transferred to the wrong address and are therefore not available today. However, they are not irreversible and their ultimate fate will be decided by the project community.

What to do if the blockchain transaction address is incorrect?

According to a study conducted in 2019 by the Fio Foundation, almost 18% of respondents said they lost their cryptocurrency due to an address error (wrong copy-paste, typo, or even wrong network choice). Unfortunately, refunds sent to the wrong address can be difficult. Depending on your mistake and the company hosting your cryptocurrency, coins can be lost or even burned.

Source: Changpeng Zhao’s Twitter account.

Unfortunately, transactions cannot be reversed, so contact the owner of the wrong address if you know him. However, a possible refund will be made at the discretion of the latter! On the other hand, if the owner is unknown to you, you will unfortunately not be able to do anything.

In other cases, it is possible to send cryptocurrencies over the wrong network. Since the operation depends on the service provider, it is recommended to contact the technical team who can help you.

In any case, while waiting for the arrival of a button that allows you to simply and easily cancel the transaction (which is not an easy task in itself, given the speed of the blockchain), do not forget to double-check the recipient address several times.

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All information on our website is published in good faith and for general informational purposes only. Any action taken by the reader based on information found on our website is done solely at his own risk.

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