How Secure Are Blockchains? This Article Explains How ETH Recovery Works

How Secure Are Blockchains? This Article Explains How ETH Recovery Works

Do you worry about how secure your cryptos are?

What would you do if you lost them in error? A terrifying thought, I know.

But this is precisely what happened to one Oasis user recently. They accidentally transferred all their ETH ($240,000) to the wrong address!

Yep, you read that right! In its new report, DAIflash states the funds were restored because of the engineering abilities of the DAO involved.

You may be wondering how safe blockchains really are?

Although blockchains offer enhanced security when compared to traditional systems, errors can still occur.

Although the owner of the ETH accepted responsibility for the error, they shared their message online as a warning to other investors.

In this instance, the report explains the user switched from the ETH Mainnet to Arbitrum.

Unfortunately, the token bridge was not available for ETH. Although not always possible to reverse blockchain transactions, in this situation, it was.

It involved accessing the Externally Owned Accounts (EOAs) through complex engineering techniques.

This cautionary tale shows the positive impact of teamwork within the crypto space.

Disclaimer: This information does not constitute investment advice or any other kind of advice.

Access the full report at https://daiflash.com