In a since deleted-post, an Ethereum trader explained the simple mistake that cost him half a million worth of WETH.
One simple mistake cost a trader $500,000, sparking intense debate in the Ethereum community over security and user experience.titled “Did I just lose half a million dollars by sending WETH to WETH’s contract address?” made its way to the top of r/ethereum.
“I checked OP’s history and he’s an old timer, he bought/mined those coins back when they were cheap. He held for years, through all the peaks and crashes, just so he could lose it all like this. Brutal.”that 265 people in total made the same mistake. Still, most lost rather small amounts.Multiple members of the Ethereum community raised the alarm over the mistake. Many suggested that risks of errors like these will make it harder for the network to grow.
Network validators, together with Ethereum developers, decided to revert the blockchain to a time before the hack. That way, theyThe decision split the community, which is why it likely won’t happen any time soon. Moreover, it also split Ethereum, as users that disagreed with the move continued to use Ethereum Classic.But what is Wrapped Ethereum ? A wrapped version of any crypto is a token of that asset on other blockchains – for example, Wrapped Bitcoin on the Etherum blockchain.
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