tl;dr
A crypto user lost $25 million worth of crypto while transferring it to the Renzo restacking platform due to a wallet error. The tokens are now locked in a smart contract and cannot be retrieved. The user has appealed for help from hackers and white hats, offering a 10% reward. Renzo declined to ass...
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A crypto user lost $25 million worth of crypto while transferring it to the Renzo restacking platform due to a wallet error. The tokens are now locked in a smart contract and cannot be retrieved. The user has appealed for help from hackers and white hats, offering a 10% reward. Renzo declined to assist due to compliance issues, and the user is reluctant to pursue legal action due to their good relations with the company. This incident underscores the importance of being cautious when trading digital assets and understanding platform protocols to protect crypto investments.
In an unfortunate situation, a crypto user faced investors’ scariest dreams. He lost $25M worth of crypto while transferring from one wallet to the other. The user wished to transfer to the liquid restacking platform called Renzo. However, with a simple wallet error, the user transferred all the cryptos to the platform’s wrong address, bearing millions worth of losses. When the rest of the market is busy grabbing all the gains, as Bitcoin surpassed Silver after a new ATH, this one user is bearing a loss.
The person lost $25 Million on Sunday while transferring the Renzo Restaked ETH to Renzo’s safe wallet. However, instead of the safe wallet, which is a primary wallet that allows full access to funds, the users pasted the wrong address link, which led to the transfer to a safe module. As a result, all those tokens are now locked in a Smart Contract and cannot be retrieved due to the transaction’s decentralized nature.
The user has approached people on X, describing his story to the community members. He has pleaded with hackers and white hats to help with this situation in return for a 2.5% reward ($22.5M), which is quite high. Many people have replied to support, and a few even attempted to recover, but the person has sent it to the safe module, making it almost impossible to retain these tokens without changing the Smart Contracts code.
Renzo is a staking platform designed to simplify restocking on popular blockchains like Ethereum and Solana. Despite the possibility of updating the code, the team has declined to assist in this matter. The crypto user explained that Renzo could not help due to compliance issues. A few community members further advised the victim to take legal action to solve this issue.
This unfortunate event is a big-time reminder that trading in digital assets comes with multiple challenges other than thefts and hacks. Even a minor mistake could lead to losing your crypto forever, as this crypto user did, as he sent all the tokens to a safe module instead of a safe wallet. As a result, the user has lost $25M worth of Renzo Restaked ETH and is approaching crypto hackers to retrieve the tokens. With this, it has become an important lesson to double-check the details and understand the platform protocol to protect cryptos. More importantly, every user should have a strategic trading strategy to help with losses and grabbing profits, as this crypto investor turned $1.2M to $9.36M.