Blockchain transactions: one small error may cost a lot in crypto world
When surfing the blockchain, a tiny error might quickly escalate into a major issue. The price was paid by an industry community. Millions of dollars have been lost due to a careless error.
While bitcoin transactions are simple to carry out as well as quick and inexpensive, they do require some attention. Crypto addresses that are sophisticated and unique can, in fact, cause certain issues.
This happened lately in the Juno community. The Juno project, which had just been shaken by a false whale case, was poised to finish this chapter in its history. To minimize abuse, numerous safeguards were taken before introducing the JUNO coin via an airdrop. As a result, storing more than 50,000 tokens in the same wallet was impossible. Nonetheless, Japanese investor Takumi Asano was able to get around the limit by receiving JUNO on many crypto wallets before collecting the cash; Asano is thought to have recovered approximately $36 million in tokens.
He did not go unnoticed for long, and the project’s leaders decided to collect all of his funds while giving the community time to figure out how to spend them. If one of the Juno developers in charge of transferring the funds had not made a mistake during the transaction, the case could have stopped there. Instead of filling in the transaction address, he would have copied and pasted the hash number. The 3 million JUNOs were therefore transferred to the wrong address and are therefore inaccessible to date. However, they are not unrecoverable and it will be up to the project community to decide their final fate.
What should you do if the transaction address on the blockchain is incorrect?
According to a Fio Foundation study conducted in 2019, roughly 18% of respondents indicated they have lost cryptocurrency due to an address issue (bad copy-paste, typing error or even bad selection of the network).
Unfortunately, recovering payments sent to the incorrect address can be difficult. The coins may be lost or even incinerated, depending on your fault and the company that holds your crypto. Unfortunately, transactions cannot be reversed, therefore if you know the owner of the incorrect address, contact him. maybe you will get lucky and get your coins back. If you don’t know who the owner is, though, you won’t be able to do anything. In some instances, sending cryptocurrency across the incorrect network is feasible. Because the operation differs depending on the service provider, you should contact the technical team for assistance.
Anyway, while waiting for the arrival of a button allowing the pure and simple cancellation of the transaction (which, in itself, is not an easy task given the speed of the blockchain), Remember to double check your recipient’s address several times.