Tuesday, October 26, 2021
Home Crypto News Market A User Lost 4,005 LINK After Sending Them To Smart Contract Belonging...

A User Lost 4,005 LINK After Sending Them To Smart Contract Belonging To Defi Game Aavegotchi

- Advertisement -

The user sent 4,005 LINK worth about $52,800 to a smart contract of Aavegotchi game contract that does not support Link. The tokens are irrevocable lost, and are gone forever.

According to Github’s article, a user mistakenly sent LINK tokens to a smart contract belonging to the Defi game Aavegotchi. The contract does not support these tokens, so they are lost forever. 

User Dawid (@d13kabani), a father of two and aavegotchi enthusiast made the mistake that every cryptocurrency user fears the most, Aavegotchi developer pixel craft studios confirmed.

According to the article, the user mistakenly sent most of his cryptocurrency savings to a GHST staking contract that he had previously interacted with instead of depositing them on Binance. The developers added that since it is impossible to cancel such action in cryptocurrencies, user LINK coins are permanently stuck in an immutable GHST contract.

However, the Aavegotchi project decided to help the user by creating a unique santagotchi wallet so that other cryptocurrency enthusiasts can donate money to the victim. At Christmas, Aavegotchi will transfer all donations to the affected user.

Developer Nick Mudge explained that the ERC-20 Ethereum standard is vulnerable to such errors.

This is a problem of the ERC-20 standard. It does not allow you to check whether a contract can accept specific tokens. Mudge said.

He cited two proposals for improving Ethereum ERC20 tokens. ERC-777 and ERC-223. The first prevents the address from receiving assets that it does not support. The second is compatible with the ERC-20 standard and was specifically created to avoid users from losing money due to errors.

Such mistakes happen quite often. In October, a user lost 28,050 AAVE after sending them to the token’s smart contract address.

Read Complete Story Of A Poor DAD on Github

- Advertisement -
Ammarahttps://thecryptobasic.com/
Ammara Mubin is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Ammara authored more than 1,000 stories for TheCryptoBasic, CryptoComes and other fintech media outlets. She is particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Recent News & Articles

Good Games Guild Announces Triple IDO on Seedify, Ignition, MoonStarter

Jakarta, Indonesia, 24th October, 2021, Good Games Guild, a gaming hub that aims to create the largest virtual world economy by optimizing its owned...

YearnNFT Finance: An Advanced Approach to NFTs with Digital Art and Collectibles

Since August, the market sales with respect to NFTs have skyrocketed, where a single NFT sales round up to millions worth. There have been...

The Bank Of Israel Aims To Launch Its CBDC On Ethereum

For now, central banks around the world are still working on developing and testing their own CBDCs, but there are new ones that are...

Russian Central Bank Head Says Russia Is Not Ready To Launch Crypto ETFs

The head of the Bank of Russia, Elvira Nabiullina gave a negative answer to the question about the possibility of trading cryptocurrency ETFs in...

Spanish Banks Anxiously Waiting For Central Bank Approval To Work With Cryptocurrencies

Spanish banks are interested in providing cryptocurrency services directly to clients and expect the Spanish Central Bank will bring regulatory clarity for crypto.

Reddit Intend To Bring Its Non Fungible Token (NFT) Platform

Reddit is looking to hire people for what could become a new platform for non-fungible tokens (NFTs) and digital goods. ...

Second Bitcoin ETF, Valkyrie Bitcoin Strategy ETF (BTF) Started Trading On Nasdaq

On the Nasdaq Stock Exchange under the ticker BTF, a Bitcoin futures ETF from Valkyrie Investments began trading at a price of $25.5.

Subscribe To Our Newsletter

Get Updated with All The latest Crypto News, Articles, Reviews, Analysis and much more. Delivered Every Monday.