Incorrect address copying leads to huge losses, leaving traders with no recourse
A cryptocurrency trader with the pseudonym "I Have a Dream of a Dog King" recently revealed that in June, he copied and pasted the wrong wallet address, resulting in a loss of approximately US$25.2 million (approximately NT$820 million). Cryptoassets cannot be retrieved. According to information on Etherscan, he accidentally transferred 7,912 Renzo restaked ETH ($ezETH) to a secure contract address instead of his own wallet on June 19.
Source: Etherscan. The trader copied the wrong address and transferred the assets to a secure contract address instead of his own wallet.
When asked how he made this mistake, "I Have a Dog King Dream" succinctly replied: "In a word, it was a copy error." He originally planned to transfer the funds to his secure wallet, but due to an input error At the address, the funds are locked in a security module and cannot be withdrawn. It has been nearly five months since the accident occurred, but after exhausting all traditional ways to recover funds, he publicly sought the help of white hat hackers on social media X, hoping to recover it by discovering smart contract vulnerabilities funds.
Hot discussion in the community, experts call for improving user experience
The cryptocurrency community reacted enthusiastically to the incident. DefiLlama developer 0xngmi advised victims to contact the Renzo protocol directly to request that they modify the token contract. However, "I Have a Dog King Dream" stated that it has tried this method, but due to regulatory restrictions, the Renzo protocol cannot assist.
Harrison Seletsky, business development director of the digital identity platform SPACE ID, said in an interview with Cointelegraph that this multi-million dollar accident is a "wake-up call" for the cryptocurrency industry to improve user experience.
"It's shocking that simple copy-and-paste errors are still costing people millions of dollars in cryptocurrencies," he said. He emphasized that such errors should not be made today, more than a decade after the birth of Bitcoin. occur.
Seletsky believes that mass adoption of cryptocurrencies is unlikely unless the average user can securely transfer money without fear of losing all their funds due to small mistakes. He said: "Most people will choose the former between trusting centralized institutions to ensure financial security or trusting themselves to make mistakes." He emphasized that user experience is the key to unlocking the mass adoption of cryptocurrency, so more is needed Pay attention, especially when it comes to crypto trading.
Security experts remind you to handle sensitive information with caution
Yu Xian, the founder of blockchain security company SlowMist, also expressed his views on this incident. He told his more than 80,000 followers on social media X that crypto traders should be wary of copy-pasting sensitive information. He mentioned that every time he copies content on his iPhone, he immediately clears the clipboard to prevent information from being stolen.
Source: X SlowMist founder Yu Xian recommends clearing the clipboard immediately after copying content to prevent information theft.
Evilcos explained that although the chance of scrapbook content being "stolen" on iPhone is low because other apps will pop up reminders when reading scrapbook content, you still need to develop careful habits. He warned that if sensitive information is copied on a computer connected to the Internet, the potential for the information to be "stolen" is infinite.
"If you are engaged in cryptocurrency trading and your computer is not equipped with a hardware wallet or iPhone wallet for external verification, it is only a matter of time before your funds are stolen."
While he admitted that "nothing is absolutely safe," he encouraged digital asset traders to take small steps to improve their security posture. His advice once again highlights the importance of user security awareness in cryptocurrency transactions.
Industry reflection, it is imperative to strengthen safety and user experience
This huge loss triggered the industry's reflection on user experience and security. Experts agree that the cryptocurrency industry needs to invest more in user experience and security measures to prevent similar incidents from happening again. As cryptocurrency gradually enters the mainstream view, how to ensure the security of users' funds and provide a friendly operating experience has become an urgent issue to be solved.
For individual investors, this incident is also a warning. Whether you double-check addresses during transfers or take additional security measures, such as using cold wallets or two-factor verification, you can reduce the risk to a certain extent. As experts say, develop good security habits to survive in the rapidly evolving crypto world.
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"How dare you Control+V?" The trader copied and pasted the wrong address, and NT$820 million was returned to zero. This article was first published on "Crypto City"