Anonymous user mistakenly sent 1 million USDT stablecoins to the Swerve project management contract
At first, everyone thought that the money was lost forever, but Tether intervened and managed to get it back
Binance plans to build security measures into its system to avoid such mistakes
International consortium of news organizations developing transparency standards.
The Decentralized Finance (DeFi) industry is a blockchain-based financial service that offers users access to open, efficient and … More) continues to evolve at a cosmic pace, but in inexperienced hands, these tools are dangerous and unreliable. There are a million confirmations. In this case, one million USDT lost.
A tweet from September 8th says a user sent $ 1 million worth of Tether (USDT) to the wrong address.
A rookie just sent 1M USDT directly into @SwerveFinance contract
心疼 老 铁 ， 能 别 直接 给 合约 打 钱 了 吗 @ pic.twitter.com/KOxtT8PGJ8
– Dovey 以德服人 Wan (@DoveyWan) September 8, 2020
Swerve.Finance is a Fork In the crypto world, a fork is essentially a change to the blockchain protocol. Since cryptocurrencies operate on decentralized networks, all parties … More DeFi Curve Protocol. The project offers a pool of liquidity on the Ethereum blockchain and is intended for trading stablecoins. Our unlucky user tried to deposit funds to Swerve, but sent the money directly to the project management contract.
It’s like sending an email to an automated address. Only in this case, the message that the letter has not been delivered does not come. Moreover, as soon as the user clicks the “send” button, the money no longer belongs to him.
Read about where to buy USDT and not be mistaken in our article..
Such a transaction can be canceled only if such a function is prescribed in the smart contract. But Swerve does not have it registered, so USDT deposited to this address is lost forever.
However, shortly after the incident, Tether CTO Paolo Ardoino promised to return the funds. He asked the user to open a corresponding ticket in the Tether support service and added that if the funds were in ERC20 format, then they can be returned.
In this case, the user simply provides proof that the coins were burned, and Tether will compensate this amount..
Binance founder Changpeng Zhao noted that the exchange plans to create a security system that will prevent similar errors in the future..
We will implement a feature to prevent people from mistakenly sending to contract addresses we support from #Binance.
We also refunded people who inadvertently sent BNB to the smart contract address during our mainnet switch. 1 guy made $ 250,000 as a result. https://t.co/EviET9vwBE
– CZ Binance (@cz_binance) September 8, 2020
This is not the first time that someone has funneled funds from a liquidity provider directly into a management contract. For example, on August 30, the Gate.io exchange made the same mistake with SushiSwap, which cost it $ 400,000..
Is USDT Tether a Threat to Bitcoin? Crash Scenarios & Bitcoin Risks!
All information contained on our website is published in good faith and objectivity, and for informational purposes only. The reader is solely responsible for any actions he takes based on the information received on our website..
Grayscale Buys 12 Million XRP Despite Ripple Lawsuit – Privacy Coins Delisted – Bitcoin Tether SEC
Tether USDT Explained – How to use Stablecoins to take profits – Stablecoin Trading Strategies
CONTENT Bitcoin lost its leadership in the number of trading pairs in the market Tether accounts for about 70% of all crypto pairs USDT dominance in the market …
CONTENTS Companies cannot come to an agreement with regulators Versions of the conflict between organizations and regulators do not match A large amount is involved in the conflict …