Gitcoin screws up transfer, sends $460K to unrecoverable address
Gitcoin’s project lead said the snafu has resulted in nearly half a million in funds being forever locked in a one-way contract 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. Following the transfer, Gitcoin core developers were contacted to explore whether the contract has a wit...