Crowdfunding platform Gitcoin’s project lead Jonathan Miller said he accidentally sent approximately US$460,000 worth of Gitcoin tokens (GTC) to an unrecoverable contract address.

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  • Miller said 521,440 GTC tokens from the treasury were initially meant to be sent to a multi-signature wallet for a merchandise, memes and marketing budget proposal.
  • Instead, Miller said the funds were mistakenly sent to the GTC token contract, making the funds unrecoverable. Five large token holders signed the proposal.
  • Gitcoin developers were contacted to explore withdrawal possibilities but said that the funds were now unrecoverable.
  • An incident report said the team will implement additional safeguards to avoid similar instances in the future, including adding a wallet address for proposal snapshots that include transfers of funds.
  • GTC price fell 2.07% in the 24 hours leading up to 6:40 in Hong Kong, to trade at US$0.8684. The coin was trading around the US$0.90 mark when the erroneous transfer occurred.

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