The exchange launched a program to recover lost assets after one of its users sent $ 20,000 to a wrong smart contract address.
Binance cryptocurrency exchange is ready to provide assistance to its users to recover their lost tokens due to mistakenly entered address during their interacting with its new Binance SmartChain blockchain. The platform introduced special procedure dubbed BNB Pioneer Burn that implies reimbursement of funds in “approved” cases, taking into account the lost tokens during the quarterly BNB burn.
The head of Binance, Changpeng Zhao, said that he made the decision to launch the program after one of the users sent 867 BNB (approximately $ 20,000) to a smart contract address that no one has access to. Zhao emphasizes that BNB Pioneer Burn is, in fact, “a small variation on the [token] burn mechanism.”
“A few days ago, we learned that one of the BNB holders mistakenly transferred 867 BNB to a smart contract address that no one controls. In fact, these tokens can be considered lost. And when it comes to cryptocurrency transactions, especially those associated with new blockchains, this is not an only case,”
The blog of the exchange
The recovery procedure applies to BNB tokens, wrapped tokens such as WBNB, and assets supported by the Token Canal initiative. The lost tokens had to be sent to the BEP20 contract address- so the fact of their loss and the impossibility of returning to circulation can be confirmed using the public blockchain browser. The amount of the user’s loss must exceed $ 1,000. However, it should be less than the estimated value of the BNB to be burned.