Jan 2022 - Sending WETH To WETH Contract Mistake - $510k (Global)
"Edit: Full story. Sent ETH to WETH contract and got WETH back (after some googling I found this is how the contract works). Assumed it works the same way backwards and sent WETH back to the contract. No ETH back. Apparently you have to use a frontend to get the ETH back. ETH lost forever."
"Edit 2: Thanks strangers. I am really happy to see lots of kind hearted people in the comments and chat. This is a significant amount of money for anyone to lose and it was the case for me as well. I was under the stress of some other things in my life and made a bigger mistake by making assumptions in this wild early technology. But, I will be OK."
"I am sharing my wallet address in case the community wants to help me remediate some of this loss. I would also be in favor of an EIP returning money to addresses who lost money because of these early mistakes. However, I can see that this can be a contentious one, so the community and the success of Ethereum should always be first."
"Edit 3: I am also sorry that this was a negative event for the perception of cryptocurrencies. The last thing I would want in this world :( A life-changing lesson for me, but definitely something to work on as a community as well."
Further Analysis
A user made the mistake of sending wrapped ethereum to the wrapped ethereum smart contract, thinking it would work to unwrap it. Instead, their funds were permanently lost.
How Could This Have Been Prevented?
More Cryptocurrency Exchange Hacks/Scams/Frauds
QXTraders Scam Investment First-Stranger > > < < EmpiresX Ponzi Scheme
Sources/Further Reading
https://i.redd.it/ls22212iize81.png (Dec 31)
Did I just lose half a million dollars by sending WETH to WETH's contract address? : ethereum (Dec 31)
Ethereum Transaction Hash (Txhash) Details | Etherscan
(Dec 31)
[deleted by user] : ethereum (Dec 31)
Trader loses $510,000 trying to convert funds between two currencies (Dec 31)
Did I just lose half a million dollars by sending WETH to WETH's contract address? : ethereum (Dec 31)
Tyler Glaiel @TylerGlaiel someone lost half a million dollars because they made a small mistake while trying to do a crypto transaction. the fact that there is no possible way to remedy this is seen as a feature by crypto bros. the person who lost...razil (Dec 31)
Ethereum Investor Loses $500,000 After Sending WETH to the WETH Contract (Dec 31)
https://www.reddit.com/r/ethereum/comments/sfz4kw/deleted_by_user/ (Dec 31)
Reddit - Dive into anything (Dec 31)
Coinbase Launches Wrapped Ethereum Liquid Staking Token Ahead of The Merge – Bitcoin News (Dec 31)
 t.me/QuadrigaInitiative
|
 /r/QuadrigaInitiative
|
 @QuadrigaInit
|
 info@quadrigainitiative.com
|