One of the key selling points of the blockchain is that it is fixed: once the data is processed, once a transaction has taken place, it cannot be canceled. One of the most painful flaws of the blockchain? It is immutable. If human error is the reason something is sold at the wrong price or the money is sent to the wrong place, often nothing can be done to turn it around.
This is the unfortunate place where the developers of the cryptocurrency Juno are. The community vote ruled that about 3 million Juno tokens worth about $ 36 million should be confiscated from an investor believed to have acquired the tokens through malicious means. (That in itself it was great crypto news.) The funds had to be sent to a wallet controlled by Juno token holders, who could vote on how they would be spent.
Andrea Di Michele, one of the founders of Juno, explain until the publication that he has sent the correct wallet address to the developer responsible for the transfer, as well as the hash number. The hashes connect the blocks to each other in the blockchain, and at first glance the hash numbers may look very similar to the wallet addresses. The developer accidentally copied and pasted the hash number, not the wallet address.
Di Michele did not immediately respond to a request for comment.
Juno is a cryptocurrency in the Cosmos blockchain that seeks to compete with Ethereum by being more scalable and efficient ().
The blockchain infrastructure is primarily designed to improve decentralization, for example, by allowing a network of people around the world to process payments instead of centralized institutions such as banks. The disadvantage of decentralization is that no subject can reverse human error like this. In December, someone accidentally sold his Bored Ape Yacht Club NFT– $ 3,000 instead of $ 300,000. Such “thick finger” mistakes are not uncommon.
There are ways in which the funds can be returned, but none of the solutions is easy. When a hacker used a smart contract in 2016 and stole $ 50 million on the air, Ethereum the developers had to “claim” their blockchain to recover the funds – they essentially created a replica of the existing blockchain, keeping it identical in every way, except that the stolen funds were transferred to a recovery address. It was a controversial episode. Some in the community felt that this violated the principles of cryptocurrency and continued to run the original blockchain in Ethereum Classic.
Juno’s developers seem to be considering a solution. Its developers have plans to move the funds, according to a proposal handed over to token holdersalthough it has not yet been explained exactly how.