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Someone Burned $ 20,000 BNB, Binance Promises To Smooth It Out

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Someone Burned $ 20,000 BNB, Binance Promises To Smooth It Out

Someone Burned $ 20,000 BNB, Binance Promises To Smooth It Out
CONTENT

  • Someone accidentally sent BNB to the wrong address and lost coins

  • Changpeng Zhao Tweets Serious Ethical Issue

  • According to him, Binance will deal with the situation

International consortium of news organizations developing transparency standards.

Binance CEO Changpeng Zhao said the exchange user accidentally sent 800 BNB to the smart contract address on the Binance Smart Chain blockchain, effectively losing coins

He tweeted that the user asked the platform to help him recover the lost $ 20,000 coins..

A guy just sent 800 #BNB ($ 20,000) to a smart contract address by mistake on Binance Smart Chain. It is effectively burned (permanently stuck). He’s begging for our help now. We could make him whole by deducting that amount from the next burn. Should we do it?

Someone Burned $ 20,000 BNB, Binance Promises To Smooth It Out

– CZ Binance (@cz_binance) September 12, 2020

Apparently Zhao is ready to help the guy..

To burn or not to burn

Zhao decided to seek community input on how to address this issue, and how to generally deal with similar issues in the future. While some users believe that such coins should not be returned based on the nature of the blockchain itself, others have favored a more human-centered approach..

According to Zhao, Binance had two options – to follow the rules and inform the user that his coins were unfortunately lost forever, or to violate the instructions a little and return the money by deducting the amount during the next BNB burn. Unsurprisingly, opinions were divided as some respondents chose to strictly follow the system.

if he refunded him.
one week later 10 made same mistake
what would be the option?
rules are made to be clear.
there are exceptions, yes
but that will come under CZ call himself and have to take the flash back of not doing it for the others later

– Elja𝕭oom (@Eljaboom) September 12, 2020

Others warned that by acting on the principle “sorry, be careful next time”, you can only harm the further spread of cryptocurrency, as it seems that it is built on dogmas, and not on the needs of people. The rest of the users just wanted a clear and concise message from Binance regarding the exchange’s policy regarding similar events in the future..
Changpeng Zhao said the exchange will add a special feature to avoid such errors.

We will implement a feature to prevent people from mistakenly sending to contract addresses we support from #Binance.

Someone Burned $ 20,000 BNB, Binance Promises To Smooth It Out

We also refunded people who inadvertently sent BNB to the smart contract address during our mainnet switch. 1 guy made $ 250,000 as a result. https://t.co/EviET9vwBE

– CZ Binance (@cz_binance) September 8, 2020

Erroneous transactions

This is the second time in a few days when a large amount of cryptocurrency was sent to the wrong address, while theoretically the senders lost money forever. Earlier in September, an anonymous user accidentally transferred $ 1 million in USDT to the Swerve project management contract, which, at least formally, makes these funds non-refundable..

Tether CTO Paolo Ardoino has pledged to fix this million dollar error, provided the coins meet the ERC-20 standard; and in this case they can be restored. As you know, the 0 × 0 address of the Ethereum blockchain, which consists entirely of zeros, contains tokens worth more than $ 635 million, including more than $ 3 million in ETH.

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