Cryptocurrency trader loses $ 25 million due to a mistaken transaction

A cryptocurrency investor lost about $ 25.8 million by entering an incorrect address in a smart contract. Thus, a trader with the pseudonym qklpjeth lost access to 7912 ezETH.

According to the victim, he accidentally copied the wrong data and sent tokens to the smart contract without the possibility of withdrawal.

The trader turned to Renzo developers for help. They could theoretically update the code and unlock the funds. However, due to «regulatory restrictions,» they were unable to help.

Subsequently, the user turned to the community for help. He offered a reward of 10% of the amount for a refund, which is approximately $ 2.5 million.

One of the users attributed the victim’s problems to flaws in the ERC-20 standard. They have remained uncorrected since 2017.

According to the user, a similar transaction with ETH would have generated an error, but this mechanism does not work with tokens.

Harrison Seletsky, Director of Platform Development at SPACE ID, called the situation a «wake-up call» and urged the industry to improve the user experience.