{"id":194710,"date":"2023-10-09T05:39:25","date_gmt":"2023-10-09T05:39:25","guid":{"rendered":"https:\/\/tokenstalk.info\/?p=194710"},"modified":"2023-10-09T05:39:25","modified_gmt":"2023-10-09T05:39:25","slug":"gitcoin-screws-up-transfer-sends-460k-to-unrecoverable-address","status":"publish","type":"post","link":"https:\/\/tokenstalk.info\/crypto\/gitcoin-screws-up-transfer-sends-460k-to-unrecoverable-address\/","title":{"rendered":"Gitcoin screws up transfer, sends $460K to unrecoverable address"},"content":{"rendered":"

Crypto developer platform Gitcoin has admitted to losing approximately $460,000 of Gitcoin (GTC) tokens after mistakenly sending the funds to an unrecoverable contract address.<\/p>\n

On Oct. 6, project lead \u201cCoachJonathan\u201d posted details of the incident on the Gitcoin governance forum. He said the transfer of GTC from the treasury was intended for a merchandise, memes, and marketing budget proposal.<\/p>\n

However, rather than going to a multisignature address, it instead went to a GTC token contract instead. <\/p>\n

\u201cThis has rendered the funds stuck in the contract, with no way of recovering them,\u201d he lamented.<\/p>\n

A total of 521,440 GTC tokens were lost in the snafu. The coin was trading at just below $0.90 at the time, making the dollar loss an estimated $461,000.<\/p>\n

<\/p>\n

Following the transfer, Gitcoin core developers were contacted to explore whether the contract has a withdraw function or was upgradeable. It was confirmed that neither was an option, so the funds have been flagged as lost. <\/p>\n

In light of the incident, the team has shared plans to ensure such an error never happens again and create clearer accountability if there is another incident.<\/p>\n

\u201cLarge token holders and multisig signers have a responsibility to be extra diligent when it comes to handling funds that do not belong to them (myself included),\u201d he concluded. <\/p>\n

Gitcoin researcher Umar Khan commented on the forum that the DAO could consider the lost tokens a reduction in GTC supply rather than a loss of treasury funds.<\/p>\n

Observers said \u201cCrypto UX is sadly really broken if this can happen,\u201d <\/p>\n

Related: <\/em><\/strong>Crypto.com accidentally transferred $10.5M to client instead of $100 refund<\/em><\/strong><\/p>\n

Gitcoin is a platform to fund Web3 builders looking for open-source work. Project owners and developers can publish their projects while donors can browse a list of projects and choose what they would like to fund. <\/p>\n

The price of GTC has fallen 1.1% over the past 24 hours and was trading at $0.889 at the time of writing. Moreover, the token is down a whopping 99% since its May 2021 all-time high of $89.62, according to CoinGecko. <\/p>\n

Magazine: 3AC fugitives in disarray as OPNX faces new peril: Asia Express<\/em><\/strong><\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Crypto developer platform Gitcoin has admitted to losing approximately $460,000 of Gitcoin (GTC) tokens after…<\/p>\n","protected":false},"author":4,"featured_media":194709,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nGitcoin screws up transfer, sends $460K to unrecoverable address - Tokens Talk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tokenstalk.info\/crypto\/gitcoin-screws-up-transfer-sends-460k-to-unrecoverable-address\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gitcoin screws up transfer, sends $460K to unrecoverable address - Tokens Talk\" \/>\n<meta property=\"og:description\" content=\"Crypto developer platform Gitcoin has admitted to losing approximately $460,000 of Gitcoin (GTC) tokens after...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/tokenstalk.info\/crypto\/gitcoin-screws-up-transfer-sends-460k-to-unrecoverable-address\/\" \/>\n<meta property=\"og:site_name\" content=\"Tokens Talk\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-09T05:39:25+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/tokenstalk.info\/wp-content\/uploads\/2023\/10\/Gitcoin-screws-up-transfer-sends-460K-to-unrecoverable-address.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/tokenstalk.info\/crypto\/gitcoin-screws-up-transfer-sends-460k-to-unrecoverable-address\/\",\"url\":\"https:\/\/tokenstalk.info\/crypto\/gitcoin-screws-up-transfer-sends-460k-to-unrecoverable-address\/\",\"name\":\"Gitcoin screws up transfer, sends $460K to unrecoverable address - 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