![](\"https:\/\/s3.cointelegraph.com\/uploads\/2023-10\/2f0ccd86-cd06-4bd1-b957-7b39c6bf05ca.jpeg\")
<\/p>\nCrypto 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
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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