DAIflash, a leading cryptocurrency platform, has launched a new report on the benefits of using blockchain, including the fact it offers increased security. Learn more at https://daiflash.com
How Secure Are Blockchains? This Article
Explains How ETH Recovery Works
Do you worry about how
secure your cryptos are?
What would you do if you lost
them in error? A terrifying
thought, I know.
But this is precisely what
happened to one Oasis user
recently. They accidentally
transferred all their ETH
($240,000) to the wrong
address!
Yep, you read that right! In its
new report, DAIflash states the
funds were restored because
of the engineering abilities of
the DAO involved.
You may be wondering how
safe blockchains really are?
Although blockchains offer
enhanced security when
compared to traditional
systems, errors can still occur.
Although the owner of the ETH
accepted responsibility for the
error, they shared their
message online as a warning
to other investors.
In this instance, the report
explains the user switched
from the ETH Mainnet to
Arbitrum.
Unfortunately, the token bridge
was not available for ETH.
Although not always possible to
reverse blockchain
transactions, in this situation, it
was.
It involved accessing the
Externally Owned Accounts
(EOAs) through complex
engineering techniques.
This cautionary tale shows
the positive impact of
teamwork within the crypto
space.
Disclaimer: This information
does not constitute
investment advice or any
other kind of advice.
Access the full report
at https://daiflash.com