Someone burned 20K BNB, Binance promises to solve the problem

  • BNBs were sent to the wrong address.
  • Changpeng Zhao tweets about a serious ethical issue.
  • According to him, Binance will deal with the situation.

Binance CEO said the exchange customer sent 800BNB to the address on the Binance SmartChain blockchain, thus losing assets. He applied to the platform with his problem saying that he lost $ 20,000 coins and asked for recovery. Apparently, Zhao is ready to help the guy.

Zhao decided to apply to the community for advice as he doesn’t know how to address this issue, and how to generally deal with similar issues in the future. Many members of the community believe that it’s not right to reimburse such coins basing on the principles of the blockchain itself, others have favored a more human-centered approach.

According to Zhao, Binance had two options – to follow the rules and tell the person about his loss of funds or to violate the instructions a little and return the money and deduct this amount during the next BNB burn. Unsurprisingly, opinions were divided as some users chose to strictly follow the system.

Others warned that by acting on the principle “sorry, be careful next time”, you can only harm the further spread of cryptocurrency, as it seems that it is built on dogma, and not on the needs of people. The rest of the users just wanted a clear and concise message from Binance regarding the exchange’s policy regarding similar events in the future.
Changpeng Zhao said the exchange will add a special feature to avoid such errors.

Erroneous transactions

This is the second time in a few days when a large amount of cryptocurrency was sent to the wrong address, while theoretically, the senders lost money forever. Earlier in September, an anonymous user accidentally transferred $ 1 million in USDT to a Swerve token contract, which, at least formally, makes these funds non-refundable. However, Tether recovered and returned the funds to the user thanks to the efforts of Tether CTO Paolo Ardoino.

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