The world of virtual assets has been the subject of speculation and strife since its inception, primarily because of the transfer of large sums of capital. As years have passed, industry officials have also tried to ensure proper transparency and protection for all users.
This focus on security was put on show recently when a user was able to receive their holding safely after having sent it to a false address. The user in question had sent $1 million to an unknown Swerve token contract and later found that it had all been lost.
The issue was discussed by an entire Discord chat where users opined that the chances of the funds being recovered were very little. Some members of the group stated that the ideal way to send money to an address was to send a couple of dollars in the beginning and then confirm its legitimacy. The seriousness of the issue was escalated to such an extent that it even involved the Chief Technical Officer of Bitfinex and Tether, Paolo Ardoino.
The Tether official came to the rescue by claiming that the capital could be recovered because the transaction involved Tether. His tweet read:
— Paolo Ardoino 🕳🥊 (@paoloardoino) September 11, 2020
Tether was considered as the ideal mode of transfer because of its connection to the United States dollar. Bitfinex and Ardoino himself have assured the concerned user that any further relevant steps will be taken to ensure the capital is safely returned. Ardoino further reiterated that users need to be careful when they use DeFi projects. Many users have complained about DeFi projects in the past because of the threat of transactions landing in the wrong place.
The Tether CTO also provided the trail of the $1 million recovery via an etherscan link. The transaction had a hash of 0x0b44bf8681cbfb337f1c0f5bdb2b662a070e29eb204ec848a575c8dc3549413e on block number 10841656. The funds were sent from a wallet with the address 0xabbc27c71eb28dc52098c8e2b4dafb428d559ffb.