Binance Community Thinks: What To Do With Mistakenly Sent Funds?

The Binance community thinks what to do with $20,000 worth of BNB tokens that were mistakenly sent to a wrong address as the CEO of the exchange asked them to consider so let’s see more in the latest Binance news today.

CZ, the CEO of Binance, the leading crypto exchange asked the Binance Community to think of a solution what to do with the mistakenly sent $20,000 worth of BNB funds.CZ explained the story of one user whose identity remained hidden and who sent 800 BNB to a wrong address. The transaction was made on the Binance Smart Chain so the user begged the exchange for help, considering that the exchange is responsible for developing the new chain.

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?

— CZ Binance (@cz_binance) September 12, 2020

CZ said that he was considering the idea of helping this user not to lose his money and launched a debate on his twitter profile. The traders were discussing whether it is worth intervening in favor of the users’ security or the code is the law and does it matter what will happen to society. A good part of the community criticized his ideas of thinking it was possible to intervene as they questioned the dangers of doing so by jeopardizing the decentralization of the project. The sole belief that the code will prevail ensures the network’s stability without any changes or manipulations of any kind. the decentralized network prevents one person from having the power and using it for good or evil.

Others assured that if CZ helps this user, he will be falling into a downward spiral which will set a precedent so that other users that will want to reverse a transaction will have the right to do so. The idea that each person is their own bank implies that everyone has to be responsible for their actions. Another group asked for empathy for the victim saying that for crypto and blockchain to achieve global adoption, people have to be protected and trust in the process. The problem of a “human error” is fundamental to ensure that non-experts will have protection in a global adoption scenario.

Will be taken care of.

— CZ Binance (@cz_binance) September 12, 2020

The community agrees on applying corrective measures but they emphasized that prevention is fundamental. Some even proposed developing a function in the smart contracts’ programming language to prevent errors like this from happening. CZ commented that they will take action but that was about it. Can we expect to see that this type of error can be prevented in the future?