Crowdfunding Jonathan Miller, project manager of the Gitcoin platform, said he accidentally sent approximately US$460,000 worth of Gitcoin (GTC) tokens to an unrecoverable contract address.
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- Miller said 521,440 Treasury GTC tokens were initially intended to be sent to a multi-signature wallet for a proposed merchandise, memes and marketing budget.
- Instead, Miller said the funds were mistakenly sent to the GTC token. contract, making the funds irrecoverable. Five major token holders signed the proposal.
- Gitcoin developers were contacted to explore withdrawal options, but said the funds were now unrecoverable.
- An incident report said the team would implement additional safeguards to avoid similar cases in the future, including adding a wallet address for proposal snapshots that include fund transfers.
- GTC price fell 2.07% in the 24 hours to 6:40 a.m. in Hong Kong, to trade at US$0.8684. The coin was trading around US$0.90 when the erroneous transfer occurred.
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