- Binance user unintentionally burned Binance Token (BNB) worth $20000 (600000 Baht).
- However, he urged the community to help him and added that they could deduct the same amount from the next burn.
- However, Zhao’s offer to help has given rise to some controversial debates in the Binance community.
Recently, a Binance user unintentionally burned Binance Token (BNB) worth $20000 (600000 Baht). Fortunately, the CEO of the Binance exchange, Changpeng Zhao offered to help the user. In a tweet, Zhao narrated the story of the user. The user unknowingly sent 800 BNB worth $20000 to a smart contract address in the Binance Smart Chain. Unfortunately, the tokens are effectively burned or in other words, permanently stuck. Hence it cannot be retrieved. The CEO said that he was constantly begging for help. However, he urged the community to help him and added that they could deduct the same amount from the next burn.
A Rule Must be a Rule Says the Binance Community
However, Zhao’s offer to help has given rise to some controversial debates in the Binance community. Some have even criticised his move to help the victim. According to them a rule must be rule, which must not be tampered by any external entity in order to protect the sanctity of decentralised networks. Hence, this made them think that if Zhao continues to help victims in such cases, this could ruin both credibility and integrity of the Binance protocol. Moreover this doesn’t stop here. In the future many such instances may occur where people will beg to revoke the amount that was sent by mistake.
Technology Must be Improved in Order to Prevent Such Events in the Future
We know transactions on blockchain which are already done cannot be reversed. To some extent it is responsible for the hindrance in the growth of blockchain adoption. Mistakes are very common human errors, hence there must be a provision in these networks that offers protection in such cases. Moreover, a system should be developed that prevents such events in the future. A crypto analyst, CryptoVerse on the same said that Zhao must help the user, at least for the sake of mass adoption. He fears that if this isn’t done then cryptocurrencies would never reach optimal adoption.
Binance Will on a Feature That Prompts User From Sending Cryptocurrency At Wrong Addresses
The CEO announced that they will soon launch a feature that will prevent users from sending crypto at wrong addresses. In addition, during the switch to mainnet, all the BNB coins that were mistakenly sent to the wrong addresses. Few days ago, Tether also refunded 1 million USDT that was sent mistakenly by another user.
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.