The ETH community discusses DAO for funds lost to the wrong address

By May 19, 2020Ethereum
Click here to view original web page at

An Ethereum user’s recent loss of 40 ETH has motivated the community to debate ways to minimize losses due to wallet address misspellings. In an effort to address this issue, the proposal to establish a specialized decentralized autonomous organization, or DAO, has attracted a lot of interest and debate in the Ethereum (ETH) community. The purpose of the DAO would be to refund users who have mistakenly sent their money to the wrong address, provided that the address contains less than three incorrect characters.

The proposal garnered enthusiasm to response to a user asking for help from the r / Ethfinance community on Reddi. This user claimed to have lost 40 Ether due to a single mistyped alphanumeric character in the receiving wallet’s address.

ETH user sends 40 Ether to the wrong address

On May 6, user daso14 sked for help regarding a transfer of 40 Ether to another account. However, during the transfer, one of the alphanumeric characters corresponding to their wallet address was incorrectly copied to the computer clipboard.

The detailed message from user daso14:

“Please help me urgently!!!I wanted to send 40 ETHs this morning to 0x67547FbEFb4de892166F71ae9a295ee5f1621DA9. I copy pasted address and it seems that it was not copy pasted right as I see these ETHs sitting in address 0x67547FbEFb4de892166F71ae9a297ee5f1621DA9.”

In response, Reddit user Conn6614 proposed creating a mechanism to salvage Ether accidentally sent to random addresses.

On May 16, Redditor SrPeixinho proposed a solution to the problem. As this case indicates, it is easy for money to be irretrievably lost due to a single mistyped character. Therefore, there sould be a DAO created “to refund users that accidentally sent their Ether to the wrong address by 1-2 digits.”

Community discusses DAO refund Proposal

The DAO would include “a simple smart-contract deployed on main-net,” where the community will donate Ether. The DAO will then be tasked with verifying misplaced transactions with less than three random inputs, transferring a percentage of the lost money to users from its smart contract.

This proposal sparked an important discussion on Reddit, with many users supporting the introduction of checksums.

In contrast, other Redditors emphasizes the growing popularity of Unstoppable Domains’ .Crypto and .eth addresses to eliminate potential typos. .

Leave a Reply