{"id":4944,"date":"2023-10-08T10:17:33","date_gmt":"2023-10-08T10:17:33","guid":{"rendered":"https:\/\/coinengineer.io\/blog\/?p=4944"},"modified":"2023-10-08T10:17:33","modified_gmt":"2023-10-08T10:17:33","slug":"500-000-dollar-transfer-error-from-gitcoin","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/500-000-dollar-transfer-error-from-gitcoin\/","title":{"rendered":"$500,000 Transfer Error from Gitcoin"},"content":{"rendered":"

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.<\/p>\n

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

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.<\/p>\n

You might like: <\/b>Shiba Inu (SHIB) Network Usage Increasing!<\/strong><\/a><\/p><\/blockquote>\n

Voting Was Accepted But\u2026<\/strong><\/h1>\n

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.<\/p>\n

“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<\/strong> suggested that the DAO could consider the lost tokens as a reduction in the GTC supply, instead of lost funds.<\/p>\n

The total supply of GTC is 100 million tokens, and Khan pointed out that Gitcoin’s treasury is the largest holder of GTC tokens.<\/p>\n

\n

You can freely share your thoughts and comments about the topic in the comment section. Additionally, please don\u2019 t forget to follow us on our\u00a0Telegram<\/strong>,\u00a0<\/a>YouTube<\/strong><\/a>\u00a0and\u00a0Twitter<\/strong><\/a>\u00a0channels for the latest news.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

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<\/p>\n","protected":false},"author":2,"featured_media":4943,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[301,1865,1864,1863,1866,1862],"class_list":["post-4944","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","tag-gitcoin","tag-gtc","tag-losing-funds","tag-outer-space","tag-umar-khan","tag-wrong-transfer"],"yoast_head":"\n$500,000 Transfer Error from Gitcoin - Coin Engineer<\/title>\n<meta name=\"description\" content=\"Gitcoin accidentally sent about $500,000 worth of tokens to the contract address of the crypto donation protocol.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/500-000-dollar-transfer-error-from-gitcoin\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"$500,000 Transfer Error from Gitcoin - 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