pull down to refresh

123 sats \ 2 replies \ @freetx 5h \ on: How Crypto Could Trigger the Next Financial Crisis - David Frum econ
In 2024, a Texas-based pharmaceutical CEO tried to move some stablecoins to another user, but made a single-digit transcribing error—and misdirected his entire holdings, worth about $1 million.
I don't believe this. Since 2016 ETH has had error-correction checksums like Bitcoin. It would be statistically almost impossible to have a single-digit transcription error in either a BTC or ETH addresses and have it accepted by any major wallet....something tells me there is much more to the story.
write
preview
28 sats \ 1 reply \ @Scoresby OP 5h
There's a protos article on the matter, but it only skims the surface.
It definitely sounds like there is more going on here. I, too, thought most addresses had error correction in them.
https://archive.is/31I3i
reply
0 sats \ 0 replies \ @freetx 4h
It looks like the CEO is suing Circle....not sure why USDC would be to blame. If in fact his claim is true - a single transcription error of 8 -> B, then that would indicate that Coinbase's own wallet isn't enforcing EIP-55 (address checksums).
In that case, its reasonable to sue Coinbase as they're not providing reasonable level of protection to customers even though such technology is available and considered standard.
Who knows what the truth is.....
reply