Wednesday, January 27, 2021

CZ: Someone Just Mistakenly Sent $20,000 in BNB to A Smart Contract Address on Binance Smart Chain

The CEO of Binance, Chanpeng Zhao, popularly known as CZ, has recently taken to Twitter to share the ordeal of a guy that mistakenly sent 800 BNB worth $20,000 to a smart contract address on the Binance smart chain.

According to CZ Binance, the amount of BNB sent is effectively burned, so it’s irreversible. In the tweet, he said the unlucky fellow is passionately begging the exchange for help.

CZ further stated that he can get his funds back in full, only if the exchange deducts the amount from the preceding burn. Conclusively, he tasked the crypto community members for advice on the decision to take.

CZ Binance tweeted, “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?”

Reactions from Crypto Community Members

The tweet gained tons of comments and reactions from the crypto community members. While some are in support of a fair help to save from heartache, others said Binance should withhold the funds to serve as a deterrent to others that are as much careless.

In response, a popular crypto pundit, Elja𝕭oom, wrote, “Nope, as to be fair to him, then you must be fair to the rest will come after, no?”

Another crypto enthusiast responded to Elja𝕭oom’s opinion, “You have a point there Bro, but imagine how the dude will feel right now,,, I feel for him seriously. We can handle the others later on.”

Thomas Silkjær, the founder and CEO of Xrplorer weighed in as follows:

“If he sent it from the exchange, I think the exchange should have helped prevent the mistakes (by warning users withdrawing, if the exchange has any insights about the recipient). If it was sent from a private wallet, it is the risk of being your own bank.

“However, what is done is done, and I don’t suppose you want to reimburse everybody who has made a bad withdrawal?”

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Tobi Loba
Tobi-Loba is a creative and an award-winning writer with over 5 million readers from all over the world. She has B.A in English and Literature from a reputable University and currently studying for her M.A in the same field. She recently became a contributor at Herald Sheets in order to satisfy her thirst in reporting crypto and blockchain occurrences, the interest she built over the years.

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