What are the benefits of using blockchain? Are you aware it could offer you enhanced security? If you want to know how one lucky Ethereum owner had $240,000 (63 ETH) returned to them, you need to read the latest report from DAIflash!
Do you worry about how secure your cryptos are? What would you do if you lost them in error? A terrifying thought, I know. But this is precisely what happened to one Oasis user recently. They accidentally transferred all their ETH ($240,000) to the wrong address! How did they get their coins back? Read on to find out!
The newly launched report from DAIflash states that if you fall victim to traditional banking tech fraud, it can be hard (but not impossible) to trace your money and get it back. However, with blockchain and DeFi advances, it may be possible for Decentralised Autonomous Organizations (DAO) to help you and other crypto investors recover lost or stolen coins in the future.
You can read more at https://daiflash.com
You may be wondering how safe blockchains really are? Although blockchains offer enhanced security when compared to traditional systems, errors can still occur. In its new report, DAIflash cites a recent example whereby an individual accidentally sent 63 Ethereum (ETH) (or $240,000) to the wrong address. Yep, you read that right!
In its new report, DAIflash states the funds were restored because of the engineering abilities of the DAO involved. Although the owner of the ETH accepted responsibility for the error, they shared their message online as a warning to other investors.
In this instance, the report explains the user switched from the ETH Mainnet to Arbitrum. Unfortunately, the token bridge was not available for ETH. Although not always possible to reverse blockchain transactions, in this situation, it was. It involved accessing the Externally Owned Accounts (EOAs) through complex engineering techniques.
The owner of the missing ETH stated that the engineers who retrieved the missing coins had no obligation to do so. This cautionary tale shows the positive impact of teamwork within the crypto space.
DAIflash offers you the latest in cryptocurrency news alongside reports, whether you are a new or experienced investor. In case you are wondering, Dai is a stablecoin that is backed by crypto. It was developed by MakerDAO. It runs on the Maker Protocol, which is one of the biggest DApps through the Ethereum blockchain.
It shares DAI coin updates and more. For instance, the platform recently added a report comparing Crypto Wallet Services to help you understand the different crypto wallets available. It includes the biggest names in the industry, from Robinhood to Plus500, Webull, Eightcap, Coinbase, EToro, Binance, BlackBull Associates, and more.
A company spokesperson said: “A mix of engineering talent and genuine concern enabled the MakerDAO Protocol engineering team to recover nearly $240,000 worth of lost ETH for its owner through the DeFi DAO.”
There are always going to be sceptics. It’s part of life. But don’t let people put you off cryptos and blockchains because they think they’re unsafe. This story explains how one lucky Ethereum owner recovered their lost coins!
Go to https://daiflash.com/defi-dao-engineering-team-recovered-roughly-240000-worth-of-lost-eth to read the report in full!
Disclaimer: The information provided on this page does not constitute investment advice, financial advice, trading advice, or any other sort of advice and it should not be treated as such. This content is the opinion of a third party, and this site does not recommend that any specific cryptocurrency should be bought, sold, or held, or that any crypto investment should be made. The Crypto market is high risk, with high-risk and unproven projects. Readers should do their own research and consult a professional financial advisor before making any investment decisions.
