Breaking news-

Gitcoin screws up transfer, sends $460K to unrecoverable address

#Crypto developer platform Gitcoin has admitted to losing approximately $460,000 of Gitcoin ($GTC ) tokens after mistakenly sending the funds to an unrecoverable contract address.

On Oct. 6, project lead “CoachJonathan” posted details of the incident on the #Gitcoin governance forum. He said the transfer of GTC from the treasury was intended for a merchandise, memes, and marketing budget proposal.

However, rather than going to a multisignature address, it instead went to a GTC token contract instead.

“This has rendered the funds stuck in the contract, with no way of recovering them,” he lamented.

A total of 521,440 GTC #tokens  were lost in the snafu. The coin was trading at just below $0.90 at the time, making the dollar loss an estimated $461,000.