Transactions in the digital currency ecosystem are very tricky to complete, and a crypto investor just lost $25 million due to an error
A cryptocurrency user recently made a big mistake by sending $25 million Renzo restaked Ethereum (rETH) to the wrong place. Instead of going to their safe wallet, the tokens ended up in their safe module and are now locked away with no way to access them.Â
Quest For Crypto Transaction Fund RecoveryÂ
To help recover the funds, the user is offering a reward of 10%, which is about $2.5 million at current market rates, to anyone who can retrieve the tokens. The user shared with crypto news outlet The Block that they made a mistake while trying to withdraw funds from a liquid restaking platform, Renzo. To make the transaction easier, they used a bot.Â
However, a simple copy-and-paste error caused the assets to be sent to the wrong place, the safe module, instead of the wallet they intended.
Renzo’s platform does not let users reverse transactions or get tokens back from the safe module once they are sent there. The only way to possibly recover tokens is for Renzo to upgrade its smart contract to allow token recovery.
This incident highlights the importance of being cautious and precise when handling crypto assets. Although offering a reward might encourage someone to find a solution, it is uncertain if anyone can fix the issue without Renzo’s help. The crypto community waits to see how the platform responds and the potential steps toward a solution.
Crypto Losses From Hacks Drops to Record Low
Meanwhile, a report from crypto security firm CertiK revealed that crypto transaction-related losses from hacks and scams plummeted to a record low in April 2024. The stats revealed a significant decrease in malicious activities compared to previous months. According to CertiK, the total loss of approximately $25.7 million due to exploits, hacks, and scams represented the lowest figure dating back three years, in 2021.
On the other hand, Flash Loans recorded a relatively low amount, totaling around $129,000. Attackers manipulate smart contracts through quick loans to exploit vulnerabilities. However, exploits are responsible for almost all the losses, which amount to approximately $21 million. These included various forms of hacking, such as attacks on decentralized finance protocols and other smart contract-based systems.
In line with related exploits, BGECrypto reported how hackers infiltrated and leaked the personal information of about 5.1 million Chivo Wallet users.
Disclaimer: The information provided in this article is for informational purposes only. It does not constitute investment, financial, trading, or any other sort of advice. You should not treat any of BGECrypto’s content as such. BGEcrypto does not recommend that any cryptocurrency should be bought, sold, or held by you. Do your due diligence and consult your financial advisor before making any investment decisions.
