A $500,000 Transfer Error from Gitcoin! Gitcoin accidentally sent about $500,000 worth of tokens to the contract address of the crypto donation protocol, rendering the funds irretrievable for financing a governance workflow.

Data on-chain from Etherscan shows 521,436 GTC tokens sent from Gitcoin’s treasury to the protocol’s contract address on September 29. GTC is Gitcoin’s native token.

The fund transfer took place following an on-chain governance vote in early September to approve financing for Gitcoin’s products, memes, and marketing – hence the MMM workflow.

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Voting Was Accepted But…

Jonathan Miller, a Gitcoin contributor, characterized the error as unfortunate during the DAO management forum and explained the steps the team should take to prevent its recurrence. He acknowledged accepting the vote, but a human error in the transaction caused us to mistakenly send the funds to the contract address instead of MMM’s multi-signature wallet.

“Large token owners and multi-signature signatories have the responsibility to be extra cautious when dealing with funds that are not theirs, including myself,” said Miller. “No matter how unfortunate this incident may be, I hope it can serve as another lesson for many of us.” Gitcoin researcher Umar Khan suggested that the DAO could consider the lost tokens as a reduction in the GTC supply, instead of lost funds.

The total supply of GTC is 100 million tokens, and Khan pointed out that Gitcoin’s treasury is the largest holder of GTC tokens.

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