- Crypto developer platform Gitcoin mistakenly sends $460,000 worth of Gitcoin (GTC) tokens to an unrecoverable contract address.
- The transfer was intended for a merchandise, memes, and marketing budget proposal.
- Instead of going to a multisignature address, it went to a GTC token contract instead.
- A total of 521,440 GTC tokens were lost in the mistake, equivalent to an estimated $461,000.
- Gitcoin core developers confirmed that there was no way to retrieve the funds.
- The team plans to improve processes to prevent similar errors in the future.
- Observers pointed out that this incident highlights the broken user experience in the crypto industry.
Crypto developer platform Gitcoin has acknowledged that it unintentionally transferred around $460,000 worth of Gitcoin (GTC) tokens to an unrecoverable contract address. The incident was revealed by project lead “CoachJonathan” on the Gitcoin governance forum. The transfer of GTC from the treasury was intended for a merchandise, memes, and marketing budget proposal. However, instead of going to a multisignature address as planned, it was sent to a GTC token contract address, rendering the funds inaccessible. Approximately 521,440 GTC tokens were lost in the process, representing a dollar loss of about $461,000 because the coin was trading at just under $0.90 at the time. Gitcoin core developers were contacted to explore possible solutions, but they confirmed that the funds could not be recovered. The incident has prompted Gitcoin to review and enhance its processes to prevent similar errors from occurring in the future. Observers have pointed out that this incident underscores the broken user experience in the crypto industry.
