Mistake Costs User $1.1 Million in AAVE

[FinneysTrueVision]

This keeps happening over and over again. A user of the decentralized finance platform AAVE mistakenly sent 28,050 AAVE tokens, worth approximately $1.1 million, to the token's contract address. There are now discussions about possibly restoring the user's funds.

https://decrypt.co/45537/user-loses-1-1-million-in-aave-due-to-mistake?amp=1

[1715241252]

1715241252

[ryzaadit]

Always the user's fault.

The project, platform, or creator of a smart contract freely to refuse or helping the user to take back his money but "Chase Wright" already got the points with the case like this the chance of getting back the money was pretty small.

[torrantz]

This keeps happening over and over again. A user of the decentralized finance platform AAVE mistakenly sent 28,050 AAVE tokens, worth approximately $1.1 million, to the token's contract address. There are now discussions about possibly restoring the user's funds.

https://decrypt.co/45537/user-loses-1-1-million-in-aave-due-to-mistake?amp=1

As the users and the double check is a must.

I don't think if the discussion will give a result to return the user's money. So many times this things happened. For sending a transaction with big money and we should always be careful with it.
I were always checking the addresses for more than 25 times to make sure I was putting the correct destination addresses. I doubt it the fund will be back again to its user or owner.

[tippytoes]

This keeps happening over and over again. A user of the decentralized finance platform AAVE mistakenly sent 28,050 AAVE tokens, worth approximately $1.1 million, to the token's contract address. There are now discussions about possibly restoring the user's funds.

https://decrypt.co/45537/user-loses-1-1-million-in-aave-due-to-mistake?amp=1

As the users and the double check is a must.

I don't think if the discussion will give a result to return the user's money. So many times this things happened. For sending a transaction with big money and we should always be careful with it.
I were always checking the addresses for more than 25 times to make sure I was putting the correct destination addresses. I doubt it the fund will be back again to its user or owner.

I remember last month's tweet of CZ asking the community what to do with the wrong coins sent. But wonder what was his final decision on that one?

https://cryptopotato.com/binance-ceo-asks-the-community-what-to-do-about-someones-20000-bnb-mistake/

We can't really avoid human error in play here. But such huge amount is wasted. If you are dealing with huge amount, try sending small amount first and see if there's no problem with your steps. I do that every time I am not familiar with the coin or token, I start sending small and if it goes thru, it means I am doing it right. Even if I am dealing with few bucks, still not worth to waste your coins for being dumb. 

[SquirrelJulietGarden]

We can't really avoid human error in play here. But such huge amount is wasted. If you are dealing with huge amount, try sending small amount first and see if there's no problem with your steps. I do that every time I am not familiar with the coin or token, I start sending small and if it goes thru, it means I am doing it right. Even if I am dealing with few bucks, still not worth to waste your coins for being dumb. 

The loss is about $600 000 with the price of BNB is $30. The real loss can be higher or lower a little. I fully can not understand why that guy would be very careless when he sent a huge fund like that. $600 000 is a real fortune of many people around the world. Many people have never touched or won't be able to earn such money in their life-time.

I hope that guy still is fine after that loss.

[cryptoaddictchie]

This keeps happening over and over again. A user of the decentralized finance platform AAVE mistakenly sent 28,050 AAVE tokens, worth approximately $1.1 million, to the token's contract address. There are now discussions about possibly restoring the user's funds.

I heard of this incident and likely I dont know how to react positively cause the guy obviously make a bad move on this. Who in their right mind will send worth 1.1m of USD and thinking he just got it wrong. This is an honest mistake like the guy who did with binance incident. But lets talk about decentralized.

If someone made a mistake on few money this is not an issue but something like this cant be torelate right? So projects usually shouod have some sort of agreement and insurance for this kind which user should agreed too or at least read upon cause its not healthy when goes int public.

[crwth]

If I were to transact that kind of amount in any form, I would try to test the waters before anything else. Imagine being able to send a small amount, enough to make sure that It is going to the right address. Even if I'm transacting a relatively small amount, I want to make sure first like double-checking etc.

If there is a way I hope they find a way to recover it because it's not a joke of an amount.

[MusaMohamed]

If I were to transact that kind of amount in any form, I would try to test the waters before anything else. Imagine being able to send a small amount, enough to make sure that It is going to the right address. Even if I'm transacting a relatively small amount, I want to make sure first like double-checking etc.

If there is a way I hope they find a way to recover it because it's not a joke of an amount.

I will split the amount into three or five parts and make each transaction. If I made mistake for one transaction, I will lose only one part of the amount.

Move all in one transaction is risky. Everyone can make mistake.

[CryptoYar]

How can there be a mistake in such a large transaction.
We also check on small transactions to ensure that we do not make any mistake and repeatedly check the wallet on which we are going to send. Of course, not a lazy attitude when it comes to money, even a small mistake can do a lot of damage.
However, this is a lesson for those people who hurry while making transactions.

[Ucy]

In my opinion, If the platform is truely decentralized, the recovery of the fund would be discussed openly before decision is taken.  
I don't really have problems with recovering of funds as long as it's really a mistake. The irreversible feature of true Cryptocurrency shouldn't affect such cases if the owners can prove it was mistake, possibly with the receivers confirming it. By the way, the address this was sent to is a fair proof it was a mistake or was probably sent by the sender to prove something.
There should be a transparent community responsible for fund recovery incase a real crypto plans to implement it. .

[Clement Kaliyar]

This keeps happening over and over again. A user of the decentralized finance platform AAVE mistakenly sent 28,050 AAVE tokens, worth approximately $1.1 million, to the token's contract address. There are now discussions about possibly restoring the user's funds.

This is not the first time i am hearing about these silly mistakes and since these are centralized platforms they can return the funds, so it is not a big deal, these centralized platform can always return these coins if the developers are pressurize, it is a good thing for anyone making these silly mistakes but what i do not understand is that why would anyone make these kind of silly mistakes which would cost them millions.

[Crypto_lion]

This keeps happening over and over again. A user of the decentralized finance platform AAVE mistakenly sent 28,050 AAVE tokens, worth approximately $1.1 million, to the token's contract address. There are now discussions about possibly restoring the user's funds.

https://decrypt.co/45537/user-loses-1-1-million-in-aave-due-to-mistake?amp=1

This is something that keeps repeating but the question is if the team reverses it doesn't it give centralised power to the team ? How can the project call it to be decentalised one any more ?

[VolkoB]

Oh my God, with such sums of dollars such negligence. It's just awful, I can imagine how this person turns gray) I hope they help him get the money back.

[Nalbo]

Sending coins mistakenly to the smart contract is the mistake of the user and the platform is not to be blamed for that. And as for the platform trying to help the user recover the funds, it's a good gesture from them. I am no expert on smart contract but as much as I know, smart contract address of an exchange are not meant to hold coins, specially from users. The decentralization would be affected if they did changed the code of smart contract without any consensus, but transferring stuck coins on the contract address would not make any issue for the platforms operation.

[Godwinpaul]

It's rather unfortunate that that issues of this nature keep reoccurring with holders of large tokens. Atimes I feel its those users who have substantial amount of funds that are careless with their tokens. Most of us who have never held one - fifth of this amount won't dare send a penny to the wrong address, not to talk of a smart contract address that would be difficult, if not impossible to refund.

[articlecity]

This keeps happening over and over again. A user of the decentralized finance platform AAVE mistakenly sent 28,050 AAVE tokens, worth approximately $1.1 million, to the token's contract address. There are now discussions about possibly restoring the user's funds.

https://decrypt.co/45537/user-loses-1-1-million-in-aave-due-to-mistake?amp=1

I think he should be helped because it was just a mistake so whoever can influence this he or she should support this guy. Also i hope aave will arrange something to help him, maybe block or blacklist those tokens that were sent as a mistake and send him alternative aave.

[nykka]

Some time ago I saw short film on YouTube called HODL. It`s was directly about similar situation. Many people, who are even experienced in cryptocurrency sometimes are not careful. I don`t know how to avoid such situations, because human`s factor will always be influencing on all our actions

[disconnectme]

$1.1 million is a huge amount, but all these DEFI projects need to make a stand here, if you call yourself Decentralised there is no need of discussing this, he sent the money himself and not at gun point, I have made mistake before when I sent my tokens to wrong address I did not mourn about it, I learn and move on. What need to be done is to prevent people from sending funds to Contract address, any attempt should resulted in fail transaction, this will and this issue one and for all

[Zeehaxan]

This keeps happening over and over again. A user of the decentralized finance platform AAVE mistakenly sent 28,050 AAVE tokens, worth approximately $1.1 million, to the token's contract address. There are now discussions about possibly restoring the user's funds.

https://decrypt.co/45537/user-loses-1-1-million-in-aave-due-to-mistake?amp=1

Mistakes are a common thing in the crypto world but most of the users are careful and double check each step to make sure everything is correct. I dont know how someone who is making a transaction of over a million can be so careless to make such mistake. I think this mistake should be investigated further and if it is proven as a mistake only then he should be refunded.

[Mealea]

It is so sad seeing people losing their assets as a result of a mistake, I guess that is one of the disadvantages of blockchain technology. In blockchain technology, you cannot afford such a mistake because it is not irreversible. Every transaction on the blockchain must be done with care to avoid costly mistakes. I feel for the person but there is nothing we can do.