A recent history of a JUNO investor community was a prime example of outperforming the smaller members against a whale. However, a simple typo made the story tragic, with more than BRL 182 million worth of “destroyed” cryptocurrencies.
As evidenced by CoinDesk, users of the JUNO community actively acted against a whale that allegedly manipulated the price of the asset. The community proceeded to “confiscate” the whale’s coins and approved a proposal to reduce the whale’s power in the net.
JUNO’s administrators argued that if no action is taken, various problems can arise in the JUNO ecosystem. Initially, those instigating the action indicated that a single wallet with so much voting power is a major cause for concern.
When they wrote the code to run the transaction process, the developers should have entered the community’s wallet address, but they ended up copying the transaction hash.
Andrea DiMichele, one of Juno’s developers said that the error was his alone and that it was due to a wrong operation of CTRL+C and CTRL+V, because he copied the wrong line in his code.
“When I gave the proposal developers the smart contract address, I pasted the smart contract address and just below that I put the transaction hash. But I didn’t write ‘the transaction hash is this’, I just entered the transaction hash,” the developer said.
With that, all 3.1 million confiscated JUNO coins were sent to a part of the blockchain that is inaccessible, effectively “burning” them all, a value that is lost forever.
JUNO in the crosshairs of the community
The case was not only funny, but it also made JUNO the target of various criticisms, including from the investor who had the coins confiscated.
Since the proposal was passed, many have started to criticize JUNO’s decentralized nature and what it claims to be a decentralized exchange. However, it is wide open that it is not so decentralized as values can be confiscated.
At the time the proposal was approved, the wallet owner even announced that if the coins were burned, he would file a lawsuit against the network’s administrators. In the end, that’s exactly what happened, even if it was by accident.
The case also helps show how much the crypto market is still in its infancy and still has a lot to evolve.
Source: Live Coins
John Cameron is a journalist at The Nation View specializing in world news and current events, particularly in international politics and diplomacy. With expertise in international relations, he covers a range of topics including conflicts, politics and economic trends.
