Topic: Mistake Costs User $1.1 Million in AAVE (Read 232 times)
Before sending a small amount I always double-check where I am sending any kind of token or coin, honestly, there is something wrong with that kind of amount you should be very careful, these mistakes happen for users who don't know or just a newbie, but with this incident, I don't think he's new with the process.
project restoring funds because it involves huge money, then how about those who have lost that little in the past and the projects answer is that they can't do anything about it? Isn't it fair?
It's not fair, but if the owner is willing to split some money for the development team, I think everything will be possible if there is money involved, principles will be eroded by money. 
This keeps happening over and over again. A user of the decentralized finance platform AAVE mistakenly sent 28,050 AAVE tokens, worth approximately $1.1 million, to the token's contract address. There are now discussions about possibly restoring the user's funds.
https://decrypt.co/45537/user-loses-1-1-million-in-aave-due-to-mistake?amp=1
Yes, it was the user's fault in here, and we have been saying all along, we really need to be careful and have sharp mind when doing any transactions in crypto, in my experience, if I'm tired or something and I want to do some transaction, I will simply take a rest or sleep and do it the next day, I wouldn't take the resk. Second, if this keeps happening, and project restoring funds because it involves huge money, then how about those who have lost that little in the past and the projects answer is that they can't do anything about it? Isn't it fair? https://decrypt.co/45537/user-loses-1-1-million-in-aave-due-to-mistake?amp=1
That's very huge amount of money just to be ruined with a single mistake, it's tough for the team behind helping this owner but it will reflect to the project if in case they'll be able to bring back those coins.
It's really annoying if you are in the foot of the person who loses that such huge amount of investment, your only hope now is the help coming from the team, and all those people who are involve to the process of bringing this asset back to the owners wallet.
It's really annoying if you are in the foot of the person who loses that such huge amount of investment, your only hope now is the help coming from the team, and all those people who are involve to the process of bringing this asset back to the owners wallet.
It is sometimes called mistakes sometimes a big fat hand. I remember the day when the Japanese trader's cat has walked through the laptop of the trader and has presses a few buttons which accelerated the leveraged trade. These small steps have cost thousand million dollars for the fund manager and he was fired later. It happens sometimes.
It is so sad seeing people losing their assets as a result of a mistake, I guess that is one of the disadvantages of blockchain technology. In blockchain technology, you cannot afford such a mistake because it is not irreversible. Every transaction on the blockchain must be done with care to avoid costly mistakes. I feel for the person but there is nothing we can do.
This keeps happening over and over again. A user of the decentralized finance platform AAVE mistakenly sent 28,050 AAVE tokens, worth approximately $1.1 million, to the token's contract address. There are now discussions about possibly restoring the user's funds.
https://decrypt.co/45537/user-loses-1-1-million-in-aave-due-to-mistake?amp=1
Mistakes are a common thing in the crypto world but most of the users are careful and double check each step to make sure everything is correct. I dont know how someone who is making a transaction of over a million can be so careless to make such mistake. I think this mistake should be investigated further and if it is proven as a mistake only then he should be refunded. https://decrypt.co/45537/user-loses-1-1-million-in-aave-due-to-mistake?amp=1
$1.1 million is a huge amount, but all these DEFI projects need to make a stand here, if you call yourself Decentralised there is no need of discussing this, he sent the money himself and not at gun point, I have made mistake before when I sent my tokens to wrong address I did not mourn about it, I learn and move on. What need to be done is to prevent people from sending funds to Contract address, any attempt should resulted in fail transaction, this will and this issue one and for all
Some time ago I saw short film on YouTube called HODL. It`s was directly about similar situation. Many people, who are even experienced in cryptocurrency sometimes are not careful. I don`t know how to avoid such situations, because human`s factor will always be influencing on all our actions
This keeps happening over and over again. A user of the decentralized finance platform AAVE mistakenly sent 28,050 AAVE tokens, worth approximately $1.1 million, to the token's contract address. There are now discussions about possibly restoring the user's funds.
https://decrypt.co/45537/user-loses-1-1-million-in-aave-due-to-mistake?amp=1
I think he should be helped because it was just a mistake so whoever can influence this he or she should support this guy. Also i hope aave will arrange something to help him, maybe block or blacklist those tokens that were sent as a mistake and send him alternative aave. https://decrypt.co/45537/user-loses-1-1-million-in-aave-due-to-mistake?amp=1
It's rather unfortunate that that issues of this nature keep reoccurring with holders of large tokens. Atimes I feel its those users who have substantial amount of funds that are careless with their tokens. Most of us who have never held one - fifth of this amount won't dare send a penny to the wrong address, not to talk of a smart contract address that would be difficult, if not impossible to refund.
Sending coins mistakenly to the smart contract is the mistake of the user and the platform is not to be blamed for that. And as for the platform trying to help the user recover the funds, it's a good gesture from them. I am no expert on smart contract but as much as I know, smart contract address of an exchange are not meant to hold coins, specially from users. The decentralization would be affected if they did changed the code of smart contract without any consensus, but transferring stuck coins on the contract address would not make any issue for the platforms operation.
Oh my God, with such sums of dollars such negligence. It's just awful, I can imagine how this person turns gray) I hope they help him get the money back.
This keeps happening over and over again. A user of the decentralized finance platform AAVE mistakenly sent 28,050 AAVE tokens, worth approximately $1.1 million, to the token's contract address. There are now discussions about possibly restoring the user's funds.
https://decrypt.co/45537/user-loses-1-1-million-in-aave-due-to-mistake?amp=1
https://decrypt.co/45537/user-loses-1-1-million-in-aave-due-to-mistake?amp=1
This is something that keeps repeating but the question is if the team reverses it doesn't it give centralised power to the team ? How can the project call it to be decentalised one any more ?
This keeps happening over and over again. A user of the decentralized finance platform AAVE mistakenly sent 28,050 AAVE tokens, worth approximately $1.1 million, to the token's contract address. There are now discussions about possibly restoring the user's funds.
This is not the first time i am hearing about these silly mistakes and since these are centralized platforms they can return the funds, so it is not a big deal, these centralized platform can always return these coins if the developers are pressurize, it is a good thing for anyone making these silly mistakes but what i do not understand is that why would anyone make these kind of silly mistakes which would cost them millions.
In my opinion, If the platform is truely decentralized, the recovery of the fund would be discussed openly before decision is taken.
I don't really have problems with recovering of funds as long as it's really a mistake. The irreversible feature of true Cryptocurrency shouldn't affect such cases if the owners can prove it was mistake, possibly with the receivers confirming it. By the way, the address this was sent to is a fair proof it was a mistake or was probably sent by the sender to prove something.
There should be a transparent community responsible for fund recovery incase a real crypto plans to implement it. .
I don't really have problems with recovering of funds as long as it's really a mistake. The irreversible feature of true Cryptocurrency shouldn't affect such cases if the owners can prove it was mistake, possibly with the receivers confirming it. By the way, the address this was sent to is a fair proof it was a mistake or was probably sent by the sender to prove something.
There should be a transparent community responsible for fund recovery incase a real crypto plans to implement it. .
How can there be a mistake in such a large transaction.
We also check on small transactions to ensure that we do not make any mistake and repeatedly check the wallet on which we are going to send. Of course, not a lazy attitude when it comes to money, even a small mistake can do a lot of damage.
However, this is a lesson for those people who hurry while making transactions.
We also check on small transactions to ensure that we do not make any mistake and repeatedly check the wallet on which we are going to send. Of course, not a lazy attitude when it comes to money, even a small mistake can do a lot of damage.
However, this is a lesson for those people who hurry while making transactions.
If I were to transact that kind of amount in any form, I would try to test the waters before anything else. Imagine being able to send a small amount, enough to make sure that It is going to the right address. Even if I'm transacting a relatively small amount, I want to make sure first like double-checking etc.
If there is a way I hope they find a way to recover it because it's not a joke of an amount.
I will split the amount into three or five parts and make each transaction. If I made mistake for one transaction, I will lose only one part of the amount.If there is a way I hope they find a way to recover it because it's not a joke of an amount.
Move all in one transaction is risky. Everyone can make mistake.
If I were to transact that kind of amount in any form, I would try to test the waters before anything else. Imagine being able to send a small amount, enough to make sure that It is going to the right address. Even if I'm transacting a relatively small amount, I want to make sure first like double-checking etc.
If there is a way I hope they find a way to recover it because it's not a joke of an amount.
If there is a way I hope they find a way to recover it because it's not a joke of an amount.
This keeps happening over and over again. A user of the decentralized finance platform AAVE mistakenly sent 28,050 AAVE tokens, worth approximately $1.1 million, to the token's contract address. There are now discussions about possibly restoring the user's funds.
I heard of this incident and likely I dont know how to react positively cause the guy obviously make a bad move on this. Who in their right mind will send worth 1.1m of USD and thinking he just got it wrong. This is an honest mistake like the guy who did with binance incident. But lets talk about decentralized.If someone made a mistake on few money this is not an issue but something like this cant be torelate right? So projects usually shouod have some sort of agreement and insurance for this kind which user should agreed too or at least read upon cause its not healthy when goes int public.
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