• Send Us A Tip
  • Calling all Tech Writers
  • Advertise
Friday, May 16, 2025
  • Login
  • Register
TechStory
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
TechStory
No Result
View All Result
Home Crypto

A Typo Sent $36 Million of Crypto Into the Ether

by Kunjit Gupta
May 8, 2022 - Updated On May 21, 2022
in Crypto, Ethereum
Reading Time: 2 mins read
0
A Typo Sent $36 Million of Crypto Into the Ether
TwitterWhatsappLinkedin
An Ethereum image
Credits: https://techstory.in/

One of the blockchain’s main selling qualities is its immutability: When information is handled and an exchange occurs, it cannot be spread. Perhaps the most excruciatingly painful disadvantage of blockchain? It never changes. If a human error causes goods to be sold at an unsatisfactory price or cash to be supplied from an inappropriate location, switching it may be difficult, if not impossible.

You might also like

Ukraine’s Daring Move: Leading Europe’s First National Bitcoin Reserve

Inside the $20 Million Ransom Scheme: Coinbase’s Foreign Support Agents Bribed

XY Miners receives $70 million in funding to bring users $3,000 in passive income per day

That is the dreadful location where Juno digital money developers find themselves. A people’s vote has determined that around 3 million Juno tokens, worth approximately $36 million, be taken from a financial supporter suspected of obtaining the tokens via malicious methods. (This was a significant crypto report in and of itself.) The assets were to be sent from a wallet controlled by Juno token holders, who may determine how to use them.

However, as discovered by CoinDesk, a developer mistakenly duplicated and copied certain unsuitable wallet addresses, resulting in $36 million in bitcoin being sent off a shut-off address.

Andrea Di Michele, one of Juno’s founding designers, cleaned up for the distribution by sending the correct wallet address as well as a hash number to the developer in charge of the exchange. Hashes connect squares on the blockchain, and hash numbers might first seem quite similar to wallet addresses. The developer in charge of the exchange unintentionally reordered the hash number rather than the wallet address.

Di Michele told CNET that the fact that none of the organization’s validators saw the error was even more aggravating than the human error. To be added to the chain, blockchains need “validators” to certify every trade contained in “blocks.” This transaction contained 125 validators, which Di Michele understood, but none of them were verified. “This is a friendly reminder for validators,” he said.

Juno is a blockchain that aims to compete with Ethereum by being more adaptable and capable (read: less expensive and less naturally harming). It is a Proof-of-Stake blockchain, which is more efficient than Bitcoin and Ethereum’s Proof-of-Work agreement component. PoS systems validate transactions by having token holders vote to support them, while PoW chains rely on the resolution of computationally demanding cryptographic challenges – – which is why such frameworks need far more power.

The blockchain architecture is typically meant to further decentralization, for example, by allowing an organization of people from all over the world to manage payments rather than centralized entities like banks. The drawback of decentralization is that no material can immediately counteract human errors like these. In December, someone sold their Bored Ape Yacht Club NFT for 0.75 ether instead of 75 ether – – $3,000 instead of $300,000. Such “fat finger” gaffes are to be anticipated.

Blockchain designers have already discovered methods to turn around exchanges, but the solutions are not simple. When a programmer took advantage of a clever contract in 2016 and stole $50 million in ether, Ethereum engineers needed to “hard fork” their blockchain to recover the assets – they created a duplicate of the current blockchain, keeping it indistinguishable inside and out with the exception that the stolen assets were moved to a recuperation address. It was a petulant outburst. Some locals believed it violated cryptographic money principles and continued to work on the initial blockchain at Ethereum Classic.

Because it is a Proof-of-Stake chain, the problem may be easier for Juno’s developers to solve. Di Michele said that Juno operates on an administration model in which token holders may vote to amend blockchain exchanges, thus pursuing a different path necessitates a larger portion vote and then a product upgrade.

Tags: #Crypto#digitalartArtbitcoinblockchainEthereumNFTNFT'S
Tweet54SendShare15
Previous Post

House Sold In Portugal For 3 Bitcoin In Country’s First-Ever Direct Transaction

Next Post

Elon Musk Receives $1.3 Billion From Crypto Friends To Support The Twitter Deal

Kunjit Gupta

Recommended For You

Ukraine’s Daring Move: Leading Europe’s First National Bitcoin Reserve

by Anindya Paul
May 16, 2025
0
Ukraine’s Daring Move: Leading Europe’s First National Bitcoin Reserve

Ukraine is on the brink of becoming the first European nation to see its national reserves officially adopt Bitcoin. A draft bill that was drawn up by MP...

Read more

Inside the $20 Million Ransom Scheme: Coinbase’s Foreign Support Agents Bribed

by Anindya Paul
May 15, 2025
0
Inside the $20 Million Ransom Scheme: Coinbase’s Foreign Support Agents Bribed

Coinbase, the largest US cryptocurrency exchange, on May 15, 2025, reported that a sophisticated attack saw cybercriminals bribe foreign support agents to steal sensitive customer data and demand...

Read more

XY Miners receives $70 million in funding to bring users $3,000 in passive income per day

by Techstory
May 15, 2025
0
XY Miners receives $70 million in funding to bring users $3,000 in passive income per day

As the world attaches great importance to clean energy and sustainable development, XY Miners, a British cryptocurrency cloud mining platform, announced the successful completion of a $70 million...

Read more
Next Post
Elon Musk Receives $1.3 Billion From Crypto Friends To Support The Twitter Deal

Elon Musk Receives $1.3 Billion From Crypto Friends To Support The Twitter Deal

Please login to join discussion

Techstory

Tech and Business News from around the world. Follow along for latest in the world of Tech, AI, Crypto, EVs, Business Personalities and more.
reach us at [email protected]

Advertise With Us

Reach out at - [email protected]

BROWSE BY TAG

#Crypto #howto 2024 acquisition AI amazon Apple bitcoin Business China cryptocurrency e-commerce electric vehicles Elon Musk Ethereum facebook flipkart funding Gaming Google India Instagram Investment ios iPhone IPO Market Markets Meta Microsoft News NFT samsung Social Media SpaceX startup startups tech technology Tesla TikTok trend trending twitter US

© 2024 Techstory.in

No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to

© 2024 Techstory.in

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?