Ethereum News Today: Trader Loses 31.22 ETH Due to Wallet Glitch on PulseChain

A trader on the PulseChain network recently experienced a significant financial loss when attempting to pay gas fees. The incident involved the trader losing 31.22 ETH, a substantial amount of cryptocurrency, due to a wallet glitch. This event highlights the potential risks and challenges associated with using decentralized networks and the importance of ensuring the security and reliability of digital wallets.

The loss of 31.22 ETH underscores the volatility and unpredictability of the cryptocurrency market. Gas fees, which are transaction fees paid to miners or validators for processing transactions on a blockchain network, can vary widely depending on network congestion and other factors. In this case, the wallet glitch exacerbated the situation, leading to an unexpected and substantial financial loss for the trader.

This incident serves as a reminder of the need for robust security measures and thorough testing of digital wallets and blockchain networks. As the use of cryptocurrencies and decentralized finance (DeFi) continues to grow, it is crucial for users to be aware of the potential risks and take appropriate precautions to protect their assets. This includes using reputable wallets, keeping software up to date, and being cautious of phishing attempts and other security threats.

The trader attempted to get a refund by reaching out to the Ethereum validator named TitanBuilder through on-chain messages. These blockchain messages are viewable on the Ethereum network. In the message, the trader wrote to the gas fees recipient, “Help! Some buggy wallet sent this transaction on Ethereum instead of Pulsechain, can you please send me back the super-high fee 31.22ETH this mistake has caused? please it is a huge amount of money to me.” The trader stated that his wallet is buggy, causing the transaction to be processed on the Ethereum network instead of the PulseChain network. Since PulseChain utilizes the Ethereum Virtual Machine (EVM), the transaction is valid on both PulseChain and Ethereum.

Such a human error happens because the trader has to choose between paying the fees in ETH or the network’s native coin. In this case, it’s PulseChain’s native coin, PLS, which is trading at $0.00003014. Ether, on the other hand, is trading at $3,525.88. Conor Grogan, a Director at Coinbase, took to X and urged the Ethereum validator TitanBuilder to return the funds to the trader. He wrote, “Do this poor guy a solid and farm some good karma.” Grogan also stated that the 31 Ether coins were transferred to a crypto exchange wallet, which seems to be an automated transaction.

Grogan stated on X that he spends his free time helping users find their lost funds or unclaimed airdrops. Last month, Grogan said that over the past few years, he has helped more than 50 people recover over $10 million in lost Ether or unclaimed airdrops. He also managed to recover more than $3 million belonging to the crypto exchange Gate.

Four hours ago, Ethereum validator TitanBuilder refunded the trader and sent him 29.5295 ETH, equivalent to $103,511.61. The validator wrote on X “We have refunded 100% of the block profit back to the user.”

This incident serves as a wake-up call for the cryptocurrency community to prioritize security and reliability in the development and use of blockchain technology. The loss of 31.22 ETH also raises questions about the reliability and security of the PulseChain network. While the specific cause of the wallet glitch has not been disclosed, it is clear that there is a need for improved security measures and better user education to prevent similar incidents in the future.