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A trader, identified as 'Qklpjeth', lost $25 million after mistakenly sending 7,912.31 Renzo restaked ETH to an inaccessible contract address. This incident, which occurred on November 10, 2024, underscores the risks associated with decentralized finance (DeFi), where irreversible errors can lead to significant financial losses. Following unsuccessful recovery attempts, the trader has offered a $2.5 million reward to white hat hackers for assistance. The broader context highlights that billions of dollars are lost annually due to self-custody mistakes in the crypto space, a concern echoed by various industry experts.
🚨 A $25M mistake! 🚨 A crypto investor known as "qklpjeth" lost 7,912.31 ezETH after accidentally sending it to an inaccessible contract address. This highlights a key risk in decentralized finance: irreversible errors. 🛑 The investor emphasized the safety of centralized… https://t.co/Npb8s2eH1X
Investor "Qklpjeth" suffers $25M loss in misplaced crypto transfer, shedding light on centralized exchange security. Irreversible DeFi errors underscore risks.
$1 million dollars lost. This isn't specific to @phantom. This happens all the time. According to @solflare, billions of dollars is lost every year due to self custody mistakes. More than all FTX customers combined (after the recovery). Self custody is completely, totally, and… https://t.co/lUjymEUOFv
