One of the selling points of the blockchain based decentralized Finance (defi) application is that once the data is processed, the transaction cannot be revoked However, this has also triggered some disputes. For example, if the assets are accidentally transferred to the wrong wallet address, it is difficult for the parties to retrieve them. Earlier, Juno cryptocurrency developers unfortunately fell into this black hole
(from Juno)
Although the community voted to confiscate about 3 million Juno (worth about $36 million) from investors who were considered to have obtained tokens through malicious means, the "Oolong finger" incident still led to the failure of the asset to be sent to the correct wallet address controlled by the community.
Andrea Di Michele, one of Juno's founding developers, explained that he sent the correct wallet address and a string of hash values to the developer responsible for the transfer.
Hash is used for the interconnection of blockchains, but if you don't look carefully, this string of characters is still very similar to the wallet address.
Embarrassingly, the person in charge of the transfer inadvertently made a mistake (copied and pasted the wrong wallet address), resulting in the asset falling into an inaccessible address.
It is reported that Juno is a cryptocurrency based on Cosmos blockchain, which aims to compete directly with Ethereum through higher efficiency and scalability - in other words, it has lower cost and less damage to the environment.
Foreign media pointed out that compared with traditional bank payment methods, in the emphasis on decentralized blockchain infrastructure, no special entity can reverse the human error of Juno's "Oolong finger", and similar reports are common.
For example, in December last year, someone mistakenly sold their "boring ape Yacht Club" (bayc) NFT at a super low price of 0.75 eth (instead of 75 ETH) - equivalent to diving from $300000 to $3000.
Even though there are several ways to recover funds in theory, there is still no easy case so far - for example, in 2016, when a hacker stole eth worth $50 million using a smart contract, Ethereum developers had to make up for it through "hard bifurcation".
But this is actually by creating a copy of the existing blockchain to restore the stolen funds to the original address. However, this matter has also caused considerable controversy. Some people in the community believe that this move violates the principle of cryptocurrency and insists on running the original blockchain on the classic Ethereum.
Now it seems that Juno developers have come up with a solution. According to a suggestion to token holders, developers have planned to relocate assets, but have not given exact implementation details.