The downside to decentralization is no entity can reverse human-errors like this. Juno is a cryptocurrency on the Cosmos blockchain, which seeks to compete with Ethereum by being more scalable and efficient ( read: cheaper and less environmentally damaging).īlockchain infrastructure is mostly designed to improve decentralization, for instance, by allowing a network of people around the world to process payments instead of centralized institutions like banks. The developer accidentally copy and pasted the hash number, rather than the wallet address.ĭi Michele didn’t immediately respond to a request for comment. Hashes connect blocks to one another in the blockchain, and at a glance hash numbers can look very similar to wallet addresses. (This in itself was a big crypto news story.) The funds were to be sent to a wallet controlled by Juno token holders, who could vote on how it would be spent.īut a developer inadvertently copy and pasted the wrong wallet address, as reported by CoinDesk, leading to $36 million in crypto being sent to an inaccessible address.Īndrea Di Michele, one of Juno’s founding developers, explained to the publication that he sent the correct wallet address to the developer responsible for the transfer, as well as a hash number. A community vote had decreed that around 3 million Juno tokens, worth around $36 million, be seized from an investor deemed to have acquired the tokens via malicious means. That is the unfortunate place developers of the Juno cryptocurrency find themselves. If human error causes something to be sold for the wrong price or money to be sent to the wrong place, there’s often nothing that can be done to reverse it. One of the most painful downsides to the blockchain? It’s immutable. 2021.One of the key selling points of the blockchain is that it’s immutable: Once data is processed, once a transaction occurs, it can’t be undone. In June, the company laid off 260 employees, or 5% of its workforce, and has reportedly gone through a second round of aggressive cuts, as crypto firms across the board look for ways to cut costs with investors rotating out of the riskiest assets, pulling down trading volumes.īitcoin and ether are both down by more than 58% this year, while the wider crypto market has fallen below $1 trillion, down from $3 trillion at its peak in Nov. The suit comes at a difficult time for the platform. The judge ruled in 's favor, and the case returns to court in October where a judge will determine next steps in the case. The company convinced authorities to freeze Manivel's bank account in February, but she had already transferred the money to other defendants named in the case, according to the filing. But in this instance, the company did not discover the error until seven months later, after some of the money had allegedly been moved or spent.
While cryptocurrency transactions are not reversible, centralized platforms can theoretically reverse payments in cases of fraud or error. Manivel spent about AU$1.35 million of the accidental windfall on a property, according to the filing. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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