The developers of the Cosmos-based Juno Blockchain aimed to send $36 million worth of altcoins to a community-controlled wallet. Due to a mistake all the funds went to the wrong wallet.
$36 million worth of altcoins sent to dead wallet due to a typo
One of the most important aspects of blockchain is that it is immutable: Once data has been processed, once a transaction has taken place, it cannot be undone. An unfortunate use of this feature has happened to the Juno developers. A community vote last week decided to seize about 3 million Juno tokens worth approximately $36 million from an investor (Takumi Asano, a Japanese investor) who is thought to have acquired the tokens through malicious means. The funds would be sent to a wallet controlled by Juno token holders who could vote on how they would be spent…
However, a developer accidentally copied and pasted the wrong wallet address and sent $36 million in crypto to an inaccessible address. caused.
Andrea Di Michele, one of the founding developers of Juno, announced that he sent the correct wallet address and a hash number to the developer responsible for the transfer. Hashes connect the Blockchain with blocks, and hash numbers can look very similar to wallet addresses at a glance. The programmer responsible for the transfer accidentally copied and pasted the hash number instead of the wallet address.
Who is guilty?
Verifiers that use nodes to run Pos Blockchains like Juno are theoretically responsible for due diligence on on-chain upgrades like the one that comes with Proposal 20. None of Juno’s 120+ validators noticed that the Unity address was pasted incorrectly. Daniel Hwang, head of protocols at stakefish, one of Juno’s validators, summed up his thoughts in a message:
We wasted big time.
So what about Juno now?
Altcoin Juno’s core dev team and community are intent on moving Asano’s funds into the community-controlled Unity contract, rather than unintentionally “burning” it as Asano says it could be.
From now on, the plan is to send funds to Unity via a pre-planned upgrade. to carry. Rather than just making code improvements, this upgrade will now rewrite Juno’s ledger so that stranded funds are reassigned to Unity. As Kriptokoin.com, we will be conveying the details of the development.
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