Binance CEO Changpeng Zhao tweeted that a user mistakenly sent 800 BNB worth $20,000 to a smart contract address on the Binance Smart Chain, which resulted in the burning of coins permanently.
Zhao’s Seek Advice from Community
Zhao then stated that he was begging for help from the platform and asked people of their opinions about it. Binance CEO stated:
“A guy just sent 800 #BNB ($20,000) to a smart contract address by mistake on Binance Smart Chain. It is effectively burned (permanently stuck). He’s begging for our help now. We could make him whole by deducting that amount from the next burn. Should we do it?”
Most people said that the BNB coins should not be refunded as it is against the immutable nature of blockchain. A user by the name ShitcoinFlipper said:
“Absolutely not. It’s his mistake. Problem is; if you do it now then you will need to do it in the future as well. What if another 10-20 people make the mistake? Will you help them too?”
Some argued that his funds should be refunded on humanitarian basis. And the good relation between users and the company will impact the mass adoption of cryptocurrency. So, Binance has two options: loss of coins or refunding of coins. It seems that Zhao helped the Binance user as he said,”Will be taken care of.”
Recently, Zhao claimed that the company is building a feature that will prevent people to send funds mistakenly. He said:
“We will implement a feature to prevent people from mistakenly sending to contract addresses we support from #Binance.
We also refunded people who inadvertently sent BNB to the smart contract address during our mainnet switch. 1 guy made $250,000 as a result.”
This is not the first time that funds have been sent to the wrong address. In September, an unknown person accidentlly sent USDT worth $1 million to Swerve’s governance contract. Tether CTO Paolo Ardoino agreed to solve the issue at that time.