Incorrect million dollar transaction. How can you avoid this?
The blockchain, in its current view, has one characteristic feature – the inability to reverse a transaction. If the transfer is gone, the money will go to the addressee. It is impossible to correct the transfer data, because the Blockchain works according to the “what’s done is done” principle. So where are we going? Many users are messy with their own transactions. As a result, they lose serious money. Including a trader who literally made a wrong transactions today and lost one million dollars. Next, we will describe the details of this event, as well as make a useful experience for each reader. So let’s get started.
First of all, we will delve into the theoretical side of the issue. It is noteworthy that, despite the large amounts of the transfer (over a million dollars), the user who sent the funds remains incognito. The details of the transfer were published not by the money sender himself, but by the TokenOops analyzing service. Project representatives constantly analyze large transactions, checking their legality and absence of errors. In the case of this transaction, experts noticed that the money was not spent on a regular wallet.
In fact, a hypothetical trader sent money to the smart contract address. And the latter, as you know, do not imply the possibility of a refund. It is noteworthy that this is not the first time this address appears in erroneous transactions. There are other funds on the account that will never return to their owners. Today’s transaction took place in AAVE tokens. And a previously unknown user transferred more than $ 4,800,000 to this smart contract. But in LED tokens.
However, the essence of the transaction does not change. Skeptics believe that systematic transfers to a non-existent account are an attempt to hide funds, to get rid of “dirty” money. However, logic suggests that such a point of view is meaningless. After all, even if fraudsters are trying to hide money, why would they choose such a vault from which they will never be able to withdraw funds? The question is obviously rhetorical. It’s pointless and weird. Therefore, most likely, we are dealing with the usual carelessness. The obvious conclusions from such events are presented in the section below.
How can we prevent such transfers from our side?
The first but not the only rule is to remain vigilant. You need to work as carefully as possible, especially when it comes to large sums. It is extremely important to accurately enter the wallet number to which you want to transfer money. We recommend checking your account address several times. Otherwise, serious problems cannot be avoided.
We also advise you to additionally check the address of the site on which you are conducting the transaction. Try to read the resource address bar carefully. It is possible that you ended up on a phishing page. Very often, scammers create fakes of well-known exchanges, wallets or exchangers. With minimal difference. Some fake pages differ from the originals by one letter in the address. Also, you should look at the resource security certificate. It will not be superfluous to additionally check the tag, which is required when working with many large assets. Specifically Ripple, Monero and Binance Coin.
And the final rule is commission analysis. Check that the cost of the commission does not exceed a reasonable figure. Some exchanges or exchangers tend to malfunction, so often users, without looking at making transfers, cover commissions of $ 1,500 or even $ 2,000.
Stay vigilant and follow all the crypto industry news with us. We publish only high-quality and interesting material. Thank you for attention. Good luck!