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Binance’s New Feature Stops Users Mistakenly Sending Money to Contracts

Binance's New Feature Stops Users Mistakenly Sending Money to Contracts

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Main crypto trade Binance has launched a brand new characteristic meant to stop individuals from shedding their funds by sending cryptoassets to sensible contract addresses.

“The characteristic is mainly a remaining examine on the outgoing tackle for person token withdrawals. If the person has entered a supported token’s actual contract tackle to ship tokens to, as an alternative of an meant private/trade pockets tackle, the person will obtain an error message saying […] ‘Cannot ship to erc20 contract tackle’,” a Binance spokesperson informed Cryptonews.com.

The addresses affected by this new change are sensible contract addresses of the tokens supported on Binance.

As for when the work on the characteristic begun, the spokesperson stated that “it has been within the pipeline for some time. We determined so as to add it as a result of we now have seen quite a few customers that had despatched tokens to token sensible contract addresses as an alternative of their very own addresses.”

Earlier this week, Binance CEO, Changpeng Zhao, stated that the trade “refunded individuals who inadvertently despatched BNB to the sensible contract tackle throughout our mainnet change,” including that “1 man made [USD] 250,000 in consequence.”

The spokesperson confirmed that these individuals “had been refunded proper after the mainnet swap was accomplished. 7 customers made the switch and had been refunded a complete of BNB 14,614.5798 which was about USD 350,000 as per the value of the day Binance accomplished BNB mainnet swap.”

That quantity involves USD 366,833 per the present binance coin (BNB) worth of USD 25.1. It is up 7% in 24 hours and virtually 8% in every week (at 14:57 UTC).

As lately reported, an individual despatched over USD 1m to a Swerve Finance contract tackle.

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