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Distracted loses BRL 2.6 million in cryptocurrencies for sending to the wrong address

Entering wrong information when transferring money can, in the worst case, send the amount to a person who was not related to the original transaction. And in the world of cryptocurrencies, where these exchanges are often in the thousands of dollars, the mistake can cost a lot more.

This is what happened recently to a distracted Wrapped Ethereum (WETH) investor, altcoin of Ethereum with development on another blockchain, which mistakenly sent $500K worth of WETH to the wrong address

The user, in a recently deleted Reddit post, wanted to transfer the amount to another account, but he got the address wrong and ended up sending the cryptocurrencies to the location on the WETH contract blockchain, used to burn coins, resulting in the loss of his assets forever. active.

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The burning of cryptocurrencies

The burning of cryptocurrencies is a solution to reduce the offers of assets on the market, usually used to cause an increase in the values ​​of crypto assets due to the increase in their scarcity.

The difference is that normally this process is done so that whoever is burning coins still has assets in their possession. In the case of the WETH investor, the situation was different, as he lost all his virtual coins.

Although it is possible for developers to create ways to prevent mistaken transfers such as the one commented above from occurring, the cryptocurrency community does not seem to like the idea very much, claiming that this would escape the control proposal being totally with users – the main attraction of digital assets. for many investors.

In any case, whether at cryptocurrency exchanges or even at a banking TED, it is always important to keep an eye on whether the information entered for a transfer is correct, to avoid headaches.

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