Gitcoin team lost $460,000 due to erroneous transaction

WTF_burn-min
WTF_burn-min

Representatives of the crypto developer platform Gitcoin admitted to losing 521,440 GTC worth about $460,000 after mistakenly transferring funds to a non-refundable contract address.

The project manager, under the pseudonym CoachJonathan, published details of the incident on the forum. According to him, the GTC transaction from the treasury was intended for “merch, memes and marketing budget.”

However, the assets were sent not to the multisig address, but to the token contract. As a result, the funds are stuck with no way to return them.

“Large token holders and multisig signers have a responsibility to exercise extra caution when it comes to handling funds that do not belong to them (myself included),” CoachJonathan stressed.

The platform representative apologized to community members and promised to prevent similar situations in the future.

To avoid a repeat of the incident, the Gitcoin team proposed improving security measures and assigning clear responsibilities in case of repeated errors.

Recall that in February, NFT collector Brandon Riley mistakenly sent CryptoPunk #685 to a burn address. He bought the token for 77 ETH – approximately $129,000 at that time.

In June, a group of Bitcoin enthusiasts deliberately destroyed CryptoPunk #8611 worth $94,000. Later, the inscription Ordinals appeared on the basis of the token.

An unknown person later burned GMX and GNS coins worth $3.59 million, as well as several valuable non-fungible tokens.

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