Representatives of the Gitcoin platform for crypto developers admitted losing 521,440 GTC worth about $460,000 after an erroneous transfer to a non-recoverable contract address.
The project lead under the pseudonym CoachJonathan posted details of the incident on the forum. According to him, the GTC transaction from the treasury was intended for “merch, memes and a marketing budget”.
However the assets were sent not to the multisig address, but to the token contract. As a result, the funds are stuck with no way to recover.
“Major token holders and multisig signatories must exercise particular caution when dealing with funds that do not belong to them (including me),” emphasized CoachJonathan.
A Gitcoin representative apologized to the community and pledged not to repeat such situations in the future.
To prevent a repeat of the incident, the Gitcoin team proposed strengthening security measures and appointing clear accountability in case of future mistakes.
Back in February, NFT collector Brandon Riley accidentally sent CryptoPunk #685 to a burn address. He purchased the token for 77 ETH — roughly $129,000 at the time.
In June, a group of Bitcoin enthusiasts already deliberately destroyed CryptoPunk #8611 worth $94,000. Later, on the basis of the token, the inscription Ordinals appeared.
Later, an unknown burned GMX and GNS coins worth $3.59 million, as well as several valuable NFTs.