Juno’s Developer Sends $36 Million to an Inaccessible Address
Juno recently sent $36 million to an inaccessible wallet due to a typo caused by one of the developers. A total of 3 million Juno tokens were transferred initially meant to be driven to a wallet controlled by the holders of Juno tokens.
The community has voted to seize the amount from the investor they believed secured the tokens through malicious means.
Andrea Di Michele, a Founding Developer at Juno, shared the insight stating that he had shared the correct wallet address and hash number with the Developer responsible for executing the transfer. However, the Developer wrongly copy-pasted the hash number instead of the wallet address, sending the tokens to an inaccessible wallet address.
The developer wrongly sending such a massive amount to the wrong address highlights the downside of blockchain-controlled technology that takes pride in being decentralized. It is not the first time an immutable account has received tokens due to a nonreversible human error.
Earlier in December, a user had sold his Bored Ape Yacht Club NFT to another user for 0.75 ETH instead of 75 ETH, causing a massive loss as the value came to $3,000 against the originally meant selling value of $300,000.
Blockchain makes it difficult, if not impossible, to recover funds after the transfer. There are ways, of course, but they require developers to hard fork their ways in the network.
In 2016, a hacker had maliciously exploited the smart contract to steal $50 million in ETH. Developers could secure it by creating a replica of the existing blockchain that was kept similar to the original one, except that stolen funds were transferred to a recovery address.
There are claims that such practices violate the basic principle of blockchain technology and continue to leverage Ethereum Classic to operate the original blockchain.
Blockchain works to improve the concept of decentralization further. Unlike centralization, there is no financial authority involved in the process. It makes it difficult for users to recover the funds that are either stolen or wrongly sent to a wallet address.
Developers continue to design solutions to tackle the problem. Those in Juno plan to relocate funds, the proposal of which has been tabled to token holders. Details are yet to be shared, but it shows that there is a scope for reclaiming what has been lost because of a typo.
Juno is a cryptocurrency in the Cosmos ecosystem. It is a permissionless, decentralized, and censorship-resistant avenue for developers looking to launch smart contracts efficiently with complete security.
At the time of writing, Juno is trading at $11.94 with a trading volume of $12,489,919 based on the record for the past 24 hours. The trading value has gone down by 8.43% in the last 24 hours.
