Sending WETH To WETH Contract Mistake - Revision history

Azoundria: COMPLETE Another 30 minutes. Integrated Darkcryptomoon comments into article on weth. More from cryptopotato article description and progress being made. Added a description of wrapped ethereum from cryptopotato.

2024-01-17T19:43:40Z

COMPLETE Another 30 minutes. Integrated Darkcryptomoon comments into article on weth. More from cryptopotato article description and progress being made. Added a description of wrapped ethereum from cryptopotato.

← Older revision		Revision as of 13:43, 17 January 2024
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	{{Case Study Under Construction}}[[File:Wrappedethereum.jpg\|thumb\|Wrapped Ethereum Graphics]]Reddit user basubadelmevt read an online guide to the wrapped ethereum (WETH) protocol which was part of the Binance Academy, which lead him to believe he could send wrapped ethereum to the wrapped ethereum smart contract, and it would work to unwrap it as implied by the guide. Instead, their wrapped ethereum (worth over $500,000 USD) was permanently lost. After the incident received widespread attention, they deleted their Reddit account.		{{Case Study Under Construction}}[[File:Wrappedethereum.jpg\|thumb\|Wrapped Ethereum Graphics]]Reddit user basubadelmevt read an online guide to the wrapped ethereum (WETH) protocol which was part of the Binance Academy, which lead him to believe he could send wrapped ethereum to the wrapped ethereum smart contract, and it would work to unwrap it as implied by the guide. Without testing their assumptions with a small amount of funds or on a testnet, they sent their wrapped ethereum to the smart contract. Instead of receiving unwrapped ethereum, their wrapped ethereum (worth over $500,000 USD) was permanently lost. After the incident received widespread attention, they deleted their Reddit account.

	== About basubadelmevt ==		== About basubadelmevt ==
	basubadelmevt originally joined Reddit in October 2014<ref>[https://web.archive.org/web/20220207101604/https://old.reddit.com/user/basubadelmevt User basubadelmevt - Reddit Archive February 7th, 2022 3:16:04 AM MST] (Jul 25, 2023)</ref>.		basubadelmevt originally joined Reddit in October 2014<ref name=":3">[https://web.archive.org/web/20220207101604/https://old.reddit.com/user/basubadelmevt User basubadelmevt - Reddit Archive February 7th, 2022 3:16:04 AM MST] (Jul 25, 2023)</ref>. They were an active investor in Curve<ref name=":4">[https://web.archive.org/web/20220111035106/https://old.reddit.com/r/Avax/comments/s0xlgk/how_do_you_sell_crv_on_avalanche/hs51it9/ basubadelmevt - "You can sell CRV on Uniswap on Ethereum for USDC. I am asking how to do that on Avalanche. Not sure what's confusing about this." - Reddit] (Jan 17, 2024)</ref><ref name=":5">[https://web.archive.org/web/20220111031015/https://old.reddit.com/r/Avax/comments/s0xlgk/how_do_you_sell_crv_on_avalanche/ How do you sell CRV on Avalanche? - Reddit] (Jan 17, 2024)</ref>, Avalanche<ref name=":4">[https://web.archive.org/web/20220111035106/https://old.reddit.com/r/Avax/comments/s0xlgk/how_do_you_sell_crv_on_avalanche/hs51it9/ basubadelmevt - "You can sell CRV on Uniswap on Ethereum for USDC. I am asking how to do that on Avalanche. Not sure what's confusing about this." - Reddit] (Jan 17, 2024)</ref><ref name=":5">[https://web.archive.org/web/20220111031015/https://old.reddit.com/r/Avax/comments/s0xlgk/how_do_you_sell_crv_on_avalanche/ How do you sell CRV on Avalanche? - Reddit] (Jan 17, 2024)</ref>, DAI<ref name=":3">[https://web.archive.org/web/20220207101604/https://old.reddit.com/user/basubadelmevt User basubadelmevt - Reddit Archive February 7th, 2022 3:16:04 AM MST] (Jul 25, 2023)</ref>. They had recently been discussing DAI protocol challenges maintaining it's peg<ref name=":3" />. <blockquote>I agree things are gonna work out in the long term. But, quoting my not-so-favorite economist Keynes, in the long run we are all dead. </blockquote><blockquote>In case of DAI, all the risk is visible. That's why we are having these conversations, because the potential risk is visible to everyone. In case of centralized stable coins, you have the false sense of security but actually the risks are more invisible. It's more insidious in that sense.</blockquote>

	== About Wrapped Ethereum ==		== About Wrapped Ethereum ==
	Wrapped ~~ethereum~~ is ~~a smart contract which creates~~ an ~~ERC20 token representing~~ ethereum. ~~The ERC20 token interface creates compatibility~~, ~~allowing~~ wrapped ethereum ~~tokens~~ to be ~~traded directly against other ERC20 tokens~~. ~~Wrapped~~ ethereum ~~tokens are minted by depositing ethereum into~~ the ~~smart contract~~, and can be ~~later redeemed~~ for ~~the underlying~~ ethereum.		Wrapped Ethereum (wETH) is an ERC-20 compatible version of ETH, designed to facilitate the exchange of Ether for ERC-20 tokens and vice versa, addressing the interoperability gap between Ether and ERC-20 tokens<ref name=":6">[https://cointelegraph.com/news/what-is-wrapped-ethereum-weth-and-how-does-it-work What is wrapped Ethereum (wETH) and how does it work? - CoinTelegraph] (Jan 17, 2024)</ref>. Wrapped tokens, like wETH, represent the same value as their underlying assets but adhere to ERC-20 standards<ref name=":6">[https://cointelegraph.com/news/what-is-wrapped-ethereum-weth-and-how-does-it-work What is wrapped Ethereum (wETH) and how does it work? - CoinTelegraph] (Jan 17, 2024)</ref>. The process of wrapping Ether involves sending ETH to a smart contract, which generates wETH, and the reverse process of unwrapping can be done by sending wETH to a smart contract<ref name=":6">[https://cointelegraph.com/news/what-is-wrapped-ethereum-weth-and-how-does-it-work What is wrapped Ethereum (wETH) and how does it work? - CoinTelegraph] (Jan 17, 2024)</ref>. While wETH cannot be used for gas fees on the Ethereum network, it opens up investment and staking opportunities on decentralized applications (DApps) and can be utilized on platforms like OpenSea for auctions<ref name=":6">[https://cointelegraph.com/news/what-is-wrapped-ethereum-weth-and-how-does-it-work What is wrapped Ethereum (wETH) and how does it work? - CoinTelegraph] (Jan 17, 2024)</ref>.

	=== Binance Academy Tutorial ===		=== Binance Academy Tutorial ===
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	== The Reality ==		== The Reality ==
	Sending wrapped ethereum to the WETH smart contract does not result in any redemption being triggered. Instead, senders do not receive any Ethereum. The immutable wrapped ethereum smart contract does not contain any function providing the capability to retrieve tokens which were sent to the smart contract by mistake. This means that funds which are sent to the WETH smart contract are permanently lost.		Sending wrapped ethereum to the WETH smart contract does not result in any redemption being triggered. Instead, senders do not receive any Ethereum. The immutable wrapped ethereum smart contract does not contain any function providing the capability to retrieve tokens which were sent to the smart contract by mistake. This means that funds which are sent to the WETH smart contract are permanently lost.

			Despite the current role of wrapped tokens, there are concerns about centralization and a push toward achieving better interoperability between blockchains, potentially eliminating the need for wrapped tokens like wETH in the future<ref name=":6" />.

	== What Happened ==		== What Happened ==
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	\|January 31st, 2022 12:11:58 PM MST		\|January 31st, 2022 12:11:58 PM MST
	\|CryptoPotato Article Published		\|CryptoPotato Article Published
	\|The story is reported on by CryptoPotato<ref name="cryptopotato-10662" /><ref>[https://web.archive.org/web/20220131191158/https://cryptopotato.com/ethereum-investor-loses-500000-after-sending-weth-to-weth-address/ Ethereum Investor Loses $500,000 After Sending WETH to WETH Address - CryptoPotato Archive January 31st, 2022 12:11:58 PM MST] (Apr 6, 2023)</ref>.		\|The story is reported on by CryptoPotato<ref name="cryptopotato-10662" /><ref>[https://web.archive.org/web/20220131191158/https://cryptopotato.com/ethereum-investor-loses-500000-after-sending-weth-to-weth-address/ Ethereum Investor Loses $500,000 After Sending WETH to WETH Address - CryptoPotato Archive January 31st, 2022 12:11:58 PM MST] (Apr 6, 2023)</ref>. They report that the mistake sparked discussions on security and user experience within the Ethereum community. The trader, who held WETH for years, realized the irreversible error, prompting concerns about the ease of such mistakes hindering Ethereum's mainstream adoption. Some proposed solutions included implementing warnings or blocking transfers to the problematic address. Unlike traditional systems, the decentralized nature of blockchain means recovery options are limited, and the contentious history of Ethereum hard forks adds complexity to potential solutions. The incident sheds light on the risks associated with using wrapped versions of cryptocurrencies on different blockchains, with the report suggesting that Ethereum developers are working on making ETH compliant with the ERC-20 standard to prevent similar errors in the future.
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	\|February 2nd, 2022		\|February 2nd, 2022
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	=== Clarification and Further Reddit Posting ===		=== Clarification and Further Reddit Posting ===

			basubadelmevt provided further clarification on how they became confused over the process.
	<blockquote>WETH.io indeed confused me with the lack of guidance, but I was tricked into sending WETH to this contract because of Binance's website.		<blockquote>WETH.io indeed confused me with the lack of guidance, but I was tricked into sending WETH to this contract because of Binance's website.

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	=== Deletion of Reddit Account ===		=== Deletion of Reddit Account ===
	basubadelmevt ultimately deleted their Reddit account<ref>[https://old.reddit.com/user/basubadelmevt User basubadelmevt - Reddit] (Jul 25, 2023)</ref>.		basubadelmevt ultimately deleted their Reddit account<ref>[https://old.reddit.com/user/basubadelmevt User basubadelmevt - Reddit] (Jul 25, 2023)</ref>.

			=== Other Community Reactions ===
			Reddit user [[Darkcryptomoon Ethereum NFT Con Man\|Darkcryptomoon, themselves a victim of a previous con]], posted a response<ref>[https://old.reddit.com/r/CryptoCurrency/comments/sg27l5/today_a_fellow_redditor_just_sent_195_weth_to/hv0s9cg/ Darkcryptomoon - "That's a great point. We are basically getting the cons of a decentralized system without really getting all the benefits." - Reddit] (Mar 7, 2023)</ref> and recommended trying chains other than Ethereum<ref>[https://old.reddit.com/r/CryptoCurrency/comments/sg27l5/today_a_fellow_redditor_just_sent_195_weth_to/huy0v8u/ Darkcryptomoon - "I appreciate the transparency of blockchains. I also appreciate transactions without fees and a chain with customer support. There are chains that have those, believe it or not. You don't have to settle with Ethereum. The fees alone should open people's eyes more. But you keep dying on that hill man." - Reddit] (Mar 7, 2023)</ref>.<blockquote>We are basically getting the cons of a decentralized system without really getting all the benefits.</blockquote><blockquote>I appreciate the transparency of blockchains. I also appreciate transactions without fees and a chain with customer support. There are chains that have those, believe it or not. You don't have to settle with Ethereum. The fees alone should open people's eyes more. But you keep dying on that hill man.</blockquote>

	== Total Amount Recovered ==		== Total Amount Recovered ==
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	=== Binance Academy Tutorial Still Misleading ===		=== Binance Academy Tutorial Still Misleading ===
	The Binance Academy tutorial continues to feature the misleading information that "WETH can afterward be sent back into the same smart contract to be “unwrapped” or redeemed back for the original ether at a 1:1 ratio."<ref name=":1" />		The Binance Academy tutorial continues to feature the misleading information that "WETH can afterward be sent back into the same smart contract to be “unwrapped” or redeemed back for the original ether at a 1:1 ratio."<ref name=":1" />

			=== Pushes For Warnings or Transfer Blocks ===
			Some members of the community have proposed solutions included implementing warnings or blocking transfers to the problematic address<ref name="cryptopotato-10662" />. Unlike traditional systems, the decentralized nature of blockchain means recovery options are limited, and the contentious history of Ethereum hard forks adds complexity to potential solutions.

			=== Standardizing ERC20 Versus Ethereum ===
			Reports suggested that Ethereum developers are working on making ETH compliant with the ERC-20 standard to prevent similar errors in the future<ref name="cryptopotato-10662" />. Such changes would make wrapped ethereum obsolete and unnecessary.

	== Individual Prevention Policies ==		== Individual Prevention Policies ==

Azoundria: Another 30 minutes complete. Prevention added and much more research.

2023-08-31T19:57:26Z

Another 30 minutes complete. Prevention added and much more research.

Show changes

Azoundria: Another 30 minutes complete. Additional sources merged in.

2023-07-26T18:24:41Z

Another 30 minutes complete. Additional sources merged in.

← Older revision		Revision as of 12:24, 26 July 2023
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	{{Case Study Under Construction}}[[File:Wrappedethereum.jpg\|thumb\|Wrapped Ethereum Graphics]]A user made the mistake of sending wrapped ethereum to the wrapped ethereum smart contract, thinking it would work to unwrap it. Instead, their funds were permanently lost.		{{Case Study Under Construction}}[[File:Wrappedethereum.jpg\|thumb\|Wrapped Ethereum Graphics]]Reddit user basubadelmevt read an online guide to the wrapped ethereum (WETH) protocol which was part of the Binance Academy, and made the mistake of sending wrapped ethereum to the wrapped ethereum smart contract, thinking it would work to unwrap it as implied by the guide. Instead, their funds (representing over $500,000 USD) were permanently lost. After the incident received widespread attention, they deleted their Reddit account.

	== About basubadelmevt ==		== About basubadelmevt ==
			basubadelmevt was a Redditor since October 2014<ref>[https://web.archive.org/web/20220207101604/https://old.reddit.com/user/basubadelmevt User basubadelmevt - Reddit Archive February 7th, 2022 3:16:04 AM MST] (Jul 25, 2023)</ref>.

	== About Wrapped Ethereum ==		== About Wrapped Ethereum ==
	"Edit: Full story. Sent ETH to WETH contract and got WETH back (after some googling I found this is how the contract works). Assumed it works the same way backwards and sent WETH back to the contract. No ETH back. Apparently you have to use a frontend to get the ETH back. ETH lost forever."		"Edit: Full story. Sent ETH to WETH contract and got WETH back (after some googling I found this is how the contract works). Assumed it works the same way backwards and sent WETH back to the contract. No ETH back. Apparently you have to use a frontend to get the ETH back. ETH lost forever."

			=== Binance Academy Tutorial ===
			According to the Binance tutorial on Wrapped Ethereum<ref name=":0">[https://web.archive.org/web/20220207025605/https://academy.binance.com/en/glossary/wrapped-ether Wrapped Ether (WETH) - Binance Academy Archive February 6th, 2022 7:56:05 PM MST] (Jul 25, 2023)</ref><ref name=":1">[https://academy.binance.com/en/glossary/wrapped-ether Wrapped Ether (WETH) - Binance Academy] (Jul 25, 2023)</ref>, WETH can be redeemed by sending the tokens back to the smart contract.<blockquote>Wrapped Ether (WETH) refers to the ERC-20 compatible version of ether (wrapping ether with other ERC standards is also possible). WETH can be created by sending ether to a smart contract where the ether is placed on hold, in turn receiving the WETH ERC-20 token at a 1:1 ratio. This WETH can afterward be sent back into the same smart contract to be “unwrapped” or redeemed back for the original ether at a 1:1 ratio.</blockquote>

	== The Reality ==		== The Reality ==
	~~TBD~~		Sending wrapped ethereum to the WETH smart contract does not result in any redemption being triggered. Instead, funds which are sent to the WETH smart contract are permanently lost, and senders do not receive any Ethereum. The immutable wrapped ethereum smart contract does not contain any function providing the capability to retrieve tokens which were sent to the smart contract by mistake.

	== What Happened ==		== What Happened ==
	~~A user~~ sent wrapped ethereum to the wrapped ethereum smart contract, expecting that it would be converted to ethereum. However, this was not the case.		basubadelmevt sent wrapped ethereum to the wrapped ethereum smart contract, expecting that it would be converted to ethereum. However, this was not the case and instead they permanently lost their funds.
	{\| class="wikitable"		{\| class="wikitable"
	\|+Key Event Timeline - Sending WETH To WETH Contract Mistake		\|+Key Event Timeline - Sending WETH To WETH Contract Mistake
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	\|Reddit Post Deleted		\|Reddit Post Deleted
	\|The Reddit post was deleted sometime prior to the start of January 31st<ref name="redditarchive-10658" /><ref name="redditarchive-10660" /><ref name="cryptopotato-10662" /><ref>[https://web.archive.org/web/20220131083802/https://www.reddit.com/r/ethereum/comments/sfz4kw/did_i_just_lose_half_a_million_dollars_by_sending/ Did I just lose half a million dollars by sending WETH to WETH's contract address? - Reddit] (Apr 6, 2023)</ref>.		\|The Reddit post was deleted sometime prior to the start of January 31st<ref name="redditarchive-10658" /><ref name="redditarchive-10660" /><ref name="cryptopotato-10662" /><ref>[https://web.archive.org/web/20220131083802/https://www.reddit.com/r/ethereum/comments/sfz4kw/did_i_just_lose_half_a_million_dollars_by_sending/ Did I just lose half a million dollars by sending WETH to WETH's contract address? - Reddit] (Apr 6, 2023)</ref>.
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			\|January 31st, 2022 6:59:58 AM MST
			\|Clarification Of Story
			\|basubadelmevt posts on Reddit to clarify that they were "tricked into sending WETH to this contract because of Binance's website"<ref name=":2">[https://web.archive.org/web/20220207101604/https://old.reddit.com/r/ethereum/comments/sgat3r/psa_we_should_do_something_for_todays_half/huzrz59/ basubadelmevt - "WETH.io indeed confused me with the lack of guidance, but I was tricked into sending WETH to this contract because of Binance's website." - Reddit] (Jul 25, 2023)</ref> and links to a specific Binance Academy article quoting that "WETH can afterward be sent back into the same smart contract to be “unwrapped” or redeemed back for the original ether at a 1:1 ratio"<ref name=":0" />. "I can completely sympathize with view that these mistakes can occur and we should do something about it as a community. I love this community and I want to see less people suffer from such mistakes."<ref name=":2" />
	\|-		\|-
	\|January 31st, 2022 12:11:58 PM MST		\|January 31st, 2022 12:11:58 PM MST
	\|CryptoPotato Article Published		\|CryptoPotato Article Published
	\|The story is shared to the CryptoPotato<ref name="cryptopotato-10662" /><ref>[https://web.archive.org/web/20220131191158/https://cryptopotato.com/ethereum-investor-loses-500000-after-sending-weth-to-weth-address/ Ethereum Investor Loses $500,000 After Sending WETH to WETH Address - CryptoPotato Archive] (Apr 6, 2023)</ref>.		\|The story is shared to the CryptoPotato<ref name="cryptopotato-10662" /><ref>[https://web.archive.org/web/20220131191158/https://cryptopotato.com/ethereum-investor-loses-500000-after-sending-weth-to-weth-address/ Ethereum Investor Loses $500,000 After Sending WETH to WETH Address - CryptoPotato Archive] (Apr 6, 2023)</ref>.
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	\|February 2nd, 2022		\|February 2nd, 2022
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	\|The Reddit post is shared to IFunny, with specific commentary on the concern over the perception of cryptocurrencies<ref name="br-10661" />.		\|The Reddit post is shared to IFunny, with specific commentary on the concern over the perception of cryptocurrencies<ref name="br-10661" />.
	\|}		\|}

			== Technical Details ==
			The misconception has been directly attributed to a Binance Academy article, which basubadelmevt reports gave them the impression that sending WETH to the WETH smart contract could result in redemption. They had previously sent ethereum to the WETH smart contract, which works to receive wrapped ethereum. In addition, they validated the address in the MetaMask wallet was the correction WETH smart contract.

			=== Confusion From Binance Academy Article ===
			basubadelmevt describes how they came to the mistaken conclusion that WETH could be unwrapped by sending to the Wrapped Ethereum smart contract<ref name=":2" />.<blockquote>WETH.io indeed confused me with the lack of guidance, but I was tricked into sending WETH to this contract because of Binance's website.

			`Wrapped Ether (WETH) refers to the ERC-20 compatible version of ether (wrapping ether with other ERC standards is also possible). WETH can be created by sending ether to a smart contract where the ether is placed on hold, in turn receiving the WETH ERC-20 token at a 1:1 ratio. This WETH can afterward be sent back into the same smart contract to be “unwrapped” or redeemed back for the original ether at a 1:1 ratio.` from <nowiki>https://academy.binance.com/en/glossary/wrapped-ether</nowiki>

			and when I put the address to MetaMask it immediately recognized it giving me a false sense of security.</blockquote>

	== Total Amount Lost ==		== Total Amount Lost ==
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	== Ultimate Outcome ==		== Ultimate Outcome ==
	~~As of April 6th, 2023,~~ the ~~wrapped ethereum smart contract presently holds 654.29451014 wrapped ethereum, all of~~ which is ~~permanently lost<ref>[https://etherscan.io/address/0xc02aaa39b223fe8d0a0e5c4f27ead9083c756cc2 Wrapped Ethereum Smart Contract - Etherscan] (Apr 6, 2023)</ref>~~.		The original reporter basubadelmevt expressed concerns over the negative perception to cryptocurrencies which is generated.

	=== Concern Over Negative Cryptocurrency Perception ===		=== Concern Over Negative Cryptocurrency Perception ===
	"Edit 3: I am also sorry that this was a negative event for the perception of cryptocurrencies. The last thing I would want in this world :( A life-changing lesson for me, but definitely something to work on as a community as well."		"Edit 3: I am also sorry that this was a negative event for the perception of cryptocurrencies. The last thing I would want in this world :( A life-changing lesson for me, but definitely something to work on as a community as well."

			=== Clarification and Further Reddit Posting ===


			<blockquote>WETH.io indeed confused me with the lack of guidance, but I was tricked into sending WETH to this contract because of Binance's website.


			I can completely sympathize with view that these mistakes can occur and we should do something about it as a community. I love this community and I want to see less people suffer from such mistakes.</blockquote>

			=== Deletion of Reddit Account ===
			basubadelmevt ultimately deleted their Reddit account<ref>[https://old.reddit.com/user/basubadelmevt User basubadelmevt - Reddit] (Jul 25, 2023)</ref>.

	== Total Amount Recovered ==		== Total Amount Recovered ==
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	== Ongoing Developments ==		== Ongoing Developments ==
	~~TBD~~		There have been some attempts to

			=== Continued Mistakes Being Made ===
			As of April 6th, 2023, the wrapped ethereum smart contract presently holds 654.29451014 wrapped ethereum, all of which is permanently lost<ref>[https://etherscan.io/address/0xc02aaa39b223fe8d0a0e5c4f27ead9083c756cc2 Wrapped Ethereum Smart Contract - Etherscan] (Apr 6, 2023)</ref>.

			=== Binance Academy Tutorial Still Misleading ===
			The Binance Academy tutorial continues to feature the misleading information that "WETH can afterward be sent back into the same smart contract to be “unwrapped” or redeemed back for the original ether at a 1:1 ratio."<ref name=":1" />

	== Individual Prevention Policies ==		== Individual Prevention Policies ==
	The primary issue was that the transaction which was sent did not perform the desired function. The situation could have been avoided through further research, and losses could have been massively reduced by testing with a smaller amount of funds prior to transferring the full amount. When transferring money in a way you haven't done before, extra caution is warranted.		The primary issue was that the transaction which was sent did not perform the desired function. The situation could have been avoided through further research, and losses could have been massively reduced by testing with a smaller amount of funds prior to transferring the full amount. When transferring money in a way you haven't done before, extra caution is warranted.

Azoundria: Another 30 minutes complete.

2023-07-17T18:52:20Z

Another 30 minutes complete.

← Older revision		Revision as of 12:52, 17 July 2023
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	{{~~Imported~~ Case Study~~\|source=https://www.quadrigainitiative.com/casestudy/sendingwethtowethcontractmistake.php~~}}[[File:Wrappedethereum.jpg\|thumb\|Wrapped Ethereum Graphics]]A user made the mistake of sending wrapped ethereum to the wrapped ethereum smart contract, thinking it would work to unwrap it. Instead, their funds were permanently lost.		{{Case Study Under Construction}}[[File:Wrappedethereum.jpg\|thumb\|Wrapped Ethereum Graphics]]A user made the mistake of sending wrapped ethereum to the wrapped ethereum smart contract, thinking it would work to unwrap it. Instead, their funds were permanently lost.

	~~This is a global/international case not involving a specific country.<ref name="newsdotbitcoin-10665" />~~

	== About basubadelmevt ==		== About basubadelmevt ==
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	"Edit: Full story. Sent ETH to WETH contract and got WETH back (after some googling I found this is how the contract works). Assumed it works the same way backwards and sent WETH back to the contract. No ETH back. Apparently you have to use a frontend to get the ETH back. ETH lost forever."		"Edit: Full story. Sent ETH to WETH contract and got WETH back (after some googling I found this is how the contract works). Assumed it works the same way backwards and sent WETH back to the contract. No ETH back. Apparently you have to use a frontend to get the ETH back. ETH lost forever."

	"Edit 2: Thanks strangers. I am really happy to see lots of kind hearted people in the comments and chat. This is a significant amount of money for anyone to lose and it was the case for me as well. I was under the stress of some other things in my life and made a bigger mistake by making assumptions in this wild early technology. But, I will be OK."

	"I am sharing my wallet address in case the community wants to help me remediate some of this loss. I would also be in favor of an EIP returning money to addresses who lost money because of these early mistakes. However, I can see that this can be a contentious one, so the community and the success of Ethereum should always be first."

	"Edit 3: I am also sorry that this was a negative event for the perception of cryptocurrencies. The last thing I would want in this world :( A life-changing lesson for me, but definitely something to work on as a community as well."

	~~This is a global/international case not involving a specific country.~~

	~~The background of the exchange platform, service, or individuals involved, as it would have been seen or understood at the time of the events.~~

	~~Include:~~

	* Known history of when and how the service was started.
	* What problems does the company or service claim to solve?
	* What marketing materials were used by the firm or business?
	* Audits performed, and excerpts that may have been included.
	* Business registration documents shown (fake or legitimate).
	* How were people recruited to participate?
	* Public warnings and announcements prior to the event.

	~~Don't Include:~~
	* Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed.
	* Anything that wasn't reasonably knowable at the time of the event.
	~~There could be more than one section here. If the same platform is involved with multiple incidents, then it can be linked to a main article page.~~

	== The Reality ==		== The Reality ==
	~~This sections is included if a case involved deception or information that was unknown at the time. Examples include:~~		TBD

	* When the service was actually started (if different than the "official story").
	* Who actually ran a service and their own personal history.
	* How the service was structured behind the scenes. (For example, there was no "trading bot".)
	* Details of what audits reported and how vulnerabilities were missed during auditing.

	== What Happened ==		== What Happened ==
	~~The specific events of~~ the ~~loss and how~~ it ~~came about~~. ~~What actually happened to cause the loss and some of~~ the ~~events leading up to it~~.		A user sent wrapped ethereum to the wrapped ethereum smart contract, expecting that it would be converted to ethereum. However, this was not the case.
	{\| class="wikitable"		{\| class="wikitable"
	\|+Key Event Timeline - Sending WETH To WETH Contract Mistake		\|+Key Event Timeline - Sending WETH To WETH Contract Mistake
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	The total amount lost has been estimated at $510,000 USD.		The total amount lost has been estimated at $510,000 USD.

	~~How much was~~ lost ~~and how was it calculated? If there are conflicting reports~~, ~~which are accurate~~ and ~~where does~~ the ~~discrepancy lie?~~		== Immediate Reactions ==


			"I am sharing my wallet address in case the community wants to help me remediate some of this loss. I would also be in favor of an EIP returning money to addresses who lost money because of these early mistakes. However, I can see that this can be a contentious one, so the community and the success of Ethereum should always be first."

	== ~~Immediate Reactions~~ ==		=== Thanks From Original Poster ===
	~~How did~~ the ~~various parties involved (firm, platform, management,~~ and~~/or affected individual(s)) deal with~~ the ~~events? Were services shut down? Were announcements~~ made~~? Were groups formed?~~		"Edit 2: Thanks strangers. I am really happy to see lots of kind hearted people in the comments and chat. This is a significant amount of money for anyone to lose and it was the case for me as well. I was under the stress of some other things in my life and made a bigger mistake by making assumptions in this wild early technology. But, I will be OK."

	== Ultimate Outcome ==		== Ultimate Outcome ==
	~~What was~~ the ~~end result? Was any investigation done? Were any individuals prosecuted? Was there a lawsuit? Was any tracing done?~~		As of April 6th, 2023, the wrapped ethereum smart contract presently holds 654.29451014 wrapped ethereum, all of which is permanently lost<ref>[https://etherscan.io/address/0xc02aaa39b223fe8d0a0e5c4f27ead9083c756cc2 Wrapped Ethereum Smart Contract - Etherscan] (Apr 6, 2023)</ref>.

	As of ~~April 6th, 2023, the wrapped ethereum smart contract presently holds 654~~.~~29451014 wrapped ethereum, all of which is permanently lost<ref>[https~~:~~//etherscan.io/address/0xc02aaa39b223fe8d0a0e5c4f27ead9083c756cc2 Wrapped Ethereum Smart Contract~~ - ~~Etherscan] (Apr 6~~, ~~2023)</ref>~~.		=== Concern Over Negative Cryptocurrency Perception ===
			"Edit 3: I am also sorry that this was a negative event for the perception of cryptocurrencies. The last thing I would want in this world :( A life-changing lesson for me, but definitely something to work on as a community as well."

	== Total Amount Recovered ==		== Total Amount Recovered ==
	There do not appear to have been any funds recovered in this case.		There do not appear to have been any funds recovered in this case.

	~~What funds were recovered? What funds were reimbursed for those affected users?~~

	== Ongoing Developments ==		== Ongoing Developments ==
	~~What parts of this case are still remaining to be concluded?~~		TBD
	== Individual Prevention Policies ==		== Individual Prevention Policies ==
	{{Prevention:Individuals:~~Placeholder~~}}		The primary issue was that the transaction which was sent did not perform the desired function. The situation could have been avoided through further research, and losses could have been massively reduced by testing with a smaller amount of funds prior to transferring the full amount. When transferring money in a way you haven't done before, extra caution is warranted.

			{{Prevention:Individuals:Double Check Transactions}}

			{{Prevention:Individuals:Store Funds Offline}}

	{{Prevention:Individuals:End}}		{{Prevention:Individuals:End}}

	== Platform Prevention Policies ==		== Platform Prevention Policies ==
	{{Prevention:Platforms:~~Placeholder~~}}		Further education about the risks of transactions and the need to perform test transactions may have prevented the situation.

			{{Prevention:Platforms:Cryptocurrency Safety Quiz}}

			The wrapped ethereum smart contract did not include any method for retrieving tokens stuck in the contract. This could potentially have been uncovered and flagged as part of a review during early development..

			{{Prevention:Platforms:Regular Audit Procedures}}

			An industry insurance fund could assist in the event of loss.

			{{Prevention:Platforms:Establish Industry Insurance Fund}}

	{{Prevention:Platforms:End}}		{{Prevention:Platforms:End}}

	== Regulatory Prevention Policies ==		== Regulatory Prevention Policies ==
	{{Prevention:Regulators:~~Placeholder~~}}		Greater education should make clear that test transactions need to be done before transacting with high value. The blockchain provides a number of tools such as testnets to test without any funds as stake. Most transactions can also be first tested with only a small amount of money at risk.

			{{Prevention:Regulators:Cryptocurrency Education Mandate}}

			An industry insurance fund could assist in some events. They may be able to provide more immediate relief than any other strategy.

			{{Prevention:Regulators:Establish Industry Insurance Fund}}

	{{Prevention:Regulators:End}}		{{Prevention:Regulators:End}}

Azoundria: Adding in username. All sources are complete, so template can be removed.

2023-04-06T19:05:39Z

Adding in username. All sources are complete, so template can be removed.

← Older revision		Revision as of 13:05, 6 April 2023
Line 1:		Line 1:
	{{Imported Case Study\|source=https://www.quadrigainitiative.com/casestudy/sendingwethtowethcontractmistake.php}}		{{Imported Case Study\|source=https://www.quadrigainitiative.com/casestudy/sendingwethtowethcontractmistake.php}}[[File:Wrappedethereum.jpg\|thumb\|Wrapped Ethereum Graphics]]A user made the mistake of sending wrapped ethereum to the wrapped ethereum smart contract, thinking it would work to unwrap it. Instead, their funds were permanently lost.
	~~{{Unattributed Sources}}~~

	[[File:Wrappedethereum.jpg\|thumb\|Wrapped Ethereum Graphics]]A user made the mistake of sending wrapped ethereum to the wrapped ethereum smart contract, thinking it would work to unwrap it. Instead, their funds were permanently lost.		This is a global/international case not involving a specific country.<ref name="newsdotbitcoin-10665" />

	~~This is a global/international case not involving a specific country.<ref name~~=~~"reddit-10664" /><ref name~~=~~"newsdotbitcoin-10665" />~~		== About basubadelmevt ==

	== About ~~None~~ ==		== About Wrapped Ethereum ==
	"Edit: Full story. Sent ETH to WETH contract and got WETH back (after some googling I found this is how the contract works). Assumed it works the same way backwards and sent WETH back to the contract. No ETH back. Apparently you have to use a frontend to get the ETH back. ETH lost forever."		"Edit: Full story. Sent ETH to WETH contract and got WETH back (after some googling I found this is how the contract works). Assumed it works the same way backwards and sent WETH back to the contract. No ETH back. Apparently you have to use a frontend to get the ETH back. ETH lost forever."

Line 56:		Line 55:
	\|January 29th, 2022 8:01:46 PM MST		\|January 29th, 2022 8:01:46 PM MST
	\|Original Reddit Post		\|Original Reddit Post
	\|The incident is first posted to Reddit<ref>[https://old.reddit.com/r/ethereum/comments/sfz4kw/deleted_by_user/ <nowiki>Original Thread Now [deleted by user] - Reddit</nowiki>] (Apr 6, 2023)</ref><ref name="reddit-10663" />. There is just a link to the transaction<ref name="redditarchive-10656" />.		\|The incident is first posted to Reddit<ref>[https://old.reddit.com/r/ethereum/comments/sfz4kw/deleted_by_user/ <nowiki>Original Thread Now [deleted by user] - Reddit</nowiki>] (Apr 6, 2023)</ref><ref name="reddit-10663" /> by basubadelmevt<ref name="br-10661" />. There is just a link to the transaction<ref name="redditarchive-10656" />.
	\|-		\|-
	\|		\|January 30th, 2022 9:04:30 PM MST
	\|		\|Incident Crossposted
	\|		\|The incident is crossposted to the /r/SorryForYourLoss subreddit<ref name="reddit-10664" />.
			\|-
			\|January 31st, 2022 1:38:02 AM MST
			\|Reddit Post Deleted
			\|The Reddit post was deleted sometime prior to the start of January 31st<ref name="redditarchive-10658" /><ref name="redditarchive-10660" /><ref name="cryptopotato-10662" /><ref>[https://web.archive.org/web/20220131083802/https://www.reddit.com/r/ethereum/comments/sfz4kw/did_i_just_lose_half_a_million_dollars_by_sending/ Did I just lose half a million dollars by sending WETH to WETH's contract address? - Reddit] (Apr 6, 2023)</ref>.
	\|-		\|-
	\|January 31st, 2022 12:11:58 PM MST		\|January 31st, 2022 12:11:58 PM MST
	\|CryptoPotato Article Published		\|CryptoPotato Article Published
	\|The story is shared to the CryptoPotato~~. At this point, the Reddit post has already been deleted~~<ref name="cryptopotato-10662" /><ref>[https://web.archive.org/web/20220131191158/https://cryptopotato.com/ethereum-investor-loses-500000-after-sending-weth-to-weth-address/ Ethereum Investor Loses $500,000 After Sending WETH to WETH Address - CryptoPotato Archive] (Apr 6, 2023)</ref>.		\|The story is shared to the CryptoPotato<ref name="cryptopotato-10662" /><ref>[https://web.archive.org/web/20220131191158/https://cryptopotato.com/ethereum-investor-loses-500000-after-sending-weth-to-weth-address/ Ethereum Investor Loses $500,000 After Sending WETH to WETH Address - CryptoPotato Archive] (Apr 6, 2023)</ref>.
	\|-		\|-
	\|February 2nd, 2022		\|February 2nd, 2022
	\|Repost To IFunny		\|Repost To IFunny
	\|The Reddit post is shared to IFunny, with specific commentary on the concern over the perception of cryptocurrencies<ref name="br-10661" />.		\|The Reddit post is shared to IFunny, with specific commentary on the concern over the perception of cryptocurrencies<ref name="br-10661" />.
	\|-
	~~\|March 29th, 2022 11:31:12 AM MDT~~
	~~\|Reddit Post Deleted~~
	~~\|The Reddit post was deleted sometime prior to January 31st<ref name="redditarchive-10658" /><ref name="redditarchive-10660" /><ref name="cryptopotato-10662" />.~~
	\|}		\|}

Line 122:		Line 121:
	<ref name="br-10661">[https://br.ifunny.co/picture/tyler-glaiel-tylerglaiel-someone-lost-half-a-million-dollars-because-xvw86QEI9 Tyler Glaiel - "someone lost half a million dollars because they made a small mistake while trying to do a crypto transaction." - Br.Ifunny.Co] (Apr 5, 2023)</ref>		<ref name="br-10661">[https://br.ifunny.co/picture/tyler-glaiel-tylerglaiel-someone-lost-half-a-million-dollars-because-xvw86QEI9 Tyler Glaiel - "someone lost half a million dollars because they made a small mistake while trying to do a crypto transaction." - Br.Ifunny.Co] (Apr 5, 2023)</ref>
	<ref name="cryptopotato-10662">[https://cryptopotato.com/ethereum-investor-loses-500000-after-sending-weth-to-weth-address/ Ethereum Investor Loses $500,000 After Sending WETH to the WETH Contract - CryptoPotato] (Apr 5, 2023)</ref>		<ref name="cryptopotato-10662">[https://cryptopotato.com/ethereum-investor-loses-500000-after-sending-weth-to-weth-address/ Ethereum Investor Loses $500,000 After Sending WETH to the WETH Contract - CryptoPotato] (Apr 5, 2023)</ref>
	<ref name="reddit-10663">[https://www~~.reddit.com/r/ethereum/comments/sfz4kw/deleted_by_user/][https://old~~.reddit.com/r/ethereum/comments/sfz4kw/deleted_by_user/ <nowiki>Original Thread Now [deleted by user] - Reddit</nowiki>](Apr 5, 2023)</ref>		<ref name="reddit-10663">[https://www.reddit.com/r/ethereum/comments/sfz4kw/deleted_by_user/ <nowiki>Original Thread Now [deleted by user] - Reddit</nowiki>] (Apr 5, 2023)</ref>
	<ref name="reddit-10664">[https://www.reddit.com/r/SorryForYourLoss/comments/sgrt0j/500k_did_i_just_lose_half_a_million_dollars_by/ Reddit ~~- Dive into anything~~] (Apr 5, 2023)</ref>		<ref name="reddit-10664">[https://www.reddit.com/r/SorryForYourLoss/comments/sgrt0j/500k_did_i_just_lose_half_a_million_dollars_by/ <nowiki>[$500k] Did I just lose half a million dollars by sending WETH to WETH's contract address? - Reddit</nowiki>] (Apr 5, 2023)</ref>
	<ref name="newsdotbitcoin-10665">[https://news.bitcoin.com/coinbase-launches-wrapped-ethereum-liquid-staking-token-ahead-of-the-merge/ Coinbase Launches Wrapped Ethereum Liquid Staking Token Ahead of The Merge – Bitcoin News] (Apr 5, 2023)</ref>		<ref name="newsdotbitcoin-10665">[https://news.bitcoin.com/coinbase-launches-wrapped-ethereum-liquid-staking-token-ahead-of-the-merge/ Coinbase Launches Wrapped Ethereum Liquid Staking Token Ahead of The Merge – Bitcoin News] (Apr 5, 2023)</ref>
	</references>		</references>

Azoundria: Some initial part of the editing.

2023-04-06T18:54:50Z

Some initial part of the editing.

← Older revision		Revision as of 12:54, 6 April 2023
Line 4:		Line 4:
	[[File:Wrappedethereum.jpg\|thumb\|Wrapped Ethereum Graphics]]A user made the mistake of sending wrapped ethereum to the wrapped ethereum smart contract, thinking it would work to unwrap it. Instead, their funds were permanently lost.		[[File:Wrappedethereum.jpg\|thumb\|Wrapped Ethereum Graphics]]A user made the mistake of sending wrapped ethereum to the wrapped ethereum smart contract, thinking it would work to unwrap it. Instead, their funds were permanently lost.

	This is a global/international case not involving a specific country.<ref name="redditimage-10655" /><ref name="redditarchive-10656" /><ref name="etherscan-10657" /><ref name="redditarchive-10658" /><ref name="web3isgoinggreat-10659" /><ref name="redditarchive-10660" /><ref name="br-10661" /><ref name="cryptopotato-10662" /><ref name="reddit-10663" /><ref name="reddit-10664" /><ref name="newsdotbitcoin-10665" />		This is a global/international case not involving a specific country.<ref name="reddit-10664" /><ref name="newsdotbitcoin-10665" />

	== About None ==		== About None ==
Line 51:		Line 51:
	\|-		\|-
	\|January 29th, 2022 7:37:50 PM MST		\|January 29th, 2022 7:37:50 PM MST
	\|~~Posted On~~ Reddit		\|Blockchain Transaction
	\|~~Incident~~ is posted to Reddit.		\|The actual initial blockchain transaction is performed, which sends wrapped ethereum to the wrapped ethereum smart contract<ref name="etherscan-10657" />. The end result of this transaction is that the wrapped ethereum is sitting in the smart contract's address<ref name="redditimage-10655" />.
			\|-
			\|January 29th, 2022 8:01:46 PM MST
			\|Original Reddit Post
			\|The incident is first posted to Reddit<ref>[https://old.reddit.com/r/ethereum/comments/sfz4kw/deleted_by_user/ <nowiki>Original Thread Now [deleted by user] - Reddit</nowiki>] (Apr 6, 2023)</ref><ref name="reddit-10663" />. There is just a link to the transaction<ref name="redditarchive-10656" />.
			\|-
			\|
			\|
			\|
			\|-
			\|January 31st, 2022 12:11:58 PM MST
			\|CryptoPotato Article Published
			\|The story is shared to the CryptoPotato. At this point, the Reddit post has already been deleted<ref name="cryptopotato-10662" /><ref>[https://web.archive.org/web/20220131191158/https://cryptopotato.com/ethereum-investor-loses-500000-after-sending-weth-to-weth-address/ Ethereum Investor Loses $500,000 After Sending WETH to WETH Address - CryptoPotato Archive] (Apr 6, 2023)</ref>.
			\|-
			\|February 2nd, 2022
			\|Repost To IFunny
			\|The Reddit post is shared to IFunny, with specific commentary on the concern over the perception of cryptocurrencies<ref name="br-10661" />.
			\|-
			\|March 29th, 2022 11:31:12 AM MDT
			\|Reddit Post Deleted
			\|The Reddit post was deleted sometime prior to January 31st<ref name="redditarchive-10658" /><ref name="redditarchive-10660" /><ref name="cryptopotato-10662" />.
	\|}		\|}

	== Total Amount Lost ==		== Total Amount Lost ==
			Web3isGoingGreat estimated the loss at $510,000 USD<ref name="web3isgoinggreat-10659" />.

	The total amount lost has been estimated at $510,000 USD.		The total amount lost has been estimated at $510,000 USD.

Line 65:		Line 87:
	== Ultimate Outcome ==		== Ultimate Outcome ==
	What was the end result? Was any investigation done? Were any individuals prosecuted? Was there a lawsuit? Was any tracing done?		What was the end result? Was any investigation done? Were any individuals prosecuted? Was there a lawsuit? Was any tracing done?

			As of April 6th, 2023, the wrapped ethereum smart contract presently holds 654.29451014 wrapped ethereum, all of which is permanently lost<ref>[https://etherscan.io/address/0xc02aaa39b223fe8d0a0e5c4f27ead9083c756cc2 Wrapped Ethereum Smart Contract - Etherscan] (Apr 6, 2023)</ref>.

	== Total Amount Recovered ==		== Total Amount Recovered ==
Line 89:		Line 113:

	== References ==		== References ==
	<references><ref name="redditimage-10655">[https://i.redd.it/ls22212iize81.png ~~https://i.redd.it/ls22212iize81.png~~] (Sep 17, 2022)</ref>		<references>
			<ref name="redditimage-10655">[https://i.redd.it/ls22212iize81.png Screenshot Of Original Reddit Post - Reddit] (Sep 17, 2022)</ref>
	<ref name="redditarchive-10656">[https://web.archive.org/web/20220130040410/https://www.reddit.com/r/ethereum/comments/sfz4kw/did_i_just_lose_half_a_million_dollars_by_sending/ Did I just lose half a million dollars by sending WETH to WETH's contract address? : ethereum] (Apr 5, 2023)</ref>		<ref name="redditarchive-10656">[https://web.archive.org/web/20220130040410/https://www.reddit.com/r/ethereum/comments/sfz4kw/did_i_just_lose_half_a_million_dollars_by_sending/ Did I just lose half a million dollars by sending WETH to WETH's contract address? : ethereum] (Apr 5, 2023)</ref>
			<ref name="etherscan-10657">[https://etherscan.io/tx/0x96a7155b44b77c173e7c534ae1ceca536ba2ce534012ff844cf8c1737bc54921 Ethereum Transaction Sending WETH to WETH Contract - Etherscan] (Apr 5, 2023)</ref>
	<ref name="etherscan-10657">[https://etherscan.io/tx/0x96a7155b44b77c173e7c534ae1ceca536ba2ce534012ff844cf8c1737bc54921 Ethereum Transaction ~~Hash (Txhash) Details \|~~ Etherscan] (Apr 5, 2023)</ref>		<ref name="redditarchive-10658">[https://web.archive.org/web/20220616012012/https://www.reddit.com/r/ethereum/comments/sfz4kw/deleted_by_user/ <nowiki>[deleted by user]</nowiki> : ethereum - Reddit] (Apr 5, 2023)</ref>
			<ref name="web3isgoinggreat-10659">[https://web3isgoinggreat.com/?id=2022-01-29-1 Trader loses $510,000 trying to convert funds between two currencies - Web3isGoingGreat] (Apr 5, 2023)</ref>
	<ref name="redditarchive-10658">[https://web.archive.org/web/20220616012012/https://www.reddit.com/r/ethereum/comments/sfz4kw/deleted_by_user/ <nowiki>[deleted by user] ~~: ethereum~~</nowiki>] (Apr 5, 2023)</ref>

	<ref name="web3isgoinggreat-10659">[https://web3isgoinggreat.com/?id=2022-01-29-1 Trader loses $510,000 trying to convert funds between two currencies] (Apr 5, 2023)</ref>

	<ref name="redditarchive-10660">[https://web.archive.org/web/20220329173112/https://www.reddit.com/r/ethereum/comments/sfz4kw/did_i_just_lose_half_a_million_dollars_by_sending/ Did I just lose half a million dollars by sending WETH to WETH's contract address? : ethereum] (Apr 5, 2023)</ref>		<ref name="redditarchive-10660">[https://web.archive.org/web/20220329173112/https://www.reddit.com/r/ethereum/comments/sfz4kw/did_i_just_lose_half_a_million_dollars_by_sending/ Did I just lose half a million dollars by sending WETH to WETH's contract address? : ethereum] (Apr 5, 2023)</ref>
			<ref name="br-10661">[https://br.ifunny.co/picture/tyler-glaiel-tylerglaiel-someone-lost-half-a-million-dollars-because-xvw86QEI9 Tyler Glaiel - "someone lost half a million dollars because they made a small mistake while trying to do a crypto transaction." - Br.Ifunny.Co] (Apr 5, 2023)</ref>
	<ref name="br-10661">[https://br.ifunny.co/picture/tyler-glaiel-tylerglaiel-someone-lost-half-a-million-dollars-because-xvw86QEI9 Tyler Glaiel ~~@TylerGlaiel~~ someone lost half a million dollars because they made a small mistake while trying to do a crypto transaction. ~~the fact that there is no possible way to remedy this is seen as a feature by crypto bros~~. ~~the person who lost~~.~~..razil~~] (Apr 5, 2023)</ref>		<ref name="cryptopotato-10662">[https://cryptopotato.com/ethereum-investor-loses-500000-after-sending-weth-to-weth-address/ Ethereum Investor Loses $500,000 After Sending WETH to the WETH Contract - CryptoPotato] (Apr 5, 2023)</ref>
			<ref name="reddit-10663">[https://www.reddit.com/r/ethereum/comments/sfz4kw/deleted_by_user/][https://old.reddit.com/r/ethereum/comments/sfz4kw/deleted_by_user/ <nowiki>Original Thread Now [deleted by user] - Reddit</nowiki>](Apr 5, 2023)</ref>
	<ref name="cryptopotato-10662">[https://cryptopotato.com/ethereum-investor-loses-500000-after-sending-weth-to-weth-address/ Ethereum Investor Loses $500,000 After Sending WETH to the WETH Contract] (Apr 5, 2023)</ref>

	<ref name="reddit-10663">[https://www.reddit.com/r/ethereum/comments/sfz4kw/deleted_by_user/ https://~~www~~.reddit.com/r/ethereum/comments/sfz4kw/deleted_by_user/] (Apr 5, 2023)</ref>

	<ref name="reddit-10664">[https://www.reddit.com/r/SorryForYourLoss/comments/sgrt0j/500k_did_i_just_lose_half_a_million_dollars_by/ Reddit - Dive into anything] (Apr 5, 2023)</ref>		<ref name="reddit-10664">[https://www.reddit.com/r/SorryForYourLoss/comments/sgrt0j/500k_did_i_just_lose_half_a_million_dollars_by/ Reddit - Dive into anything] (Apr 5, 2023)</ref>
			<ref name="newsdotbitcoin-10665">[https://news.bitcoin.com/coinbase-launches-wrapped-ethereum-liquid-staking-token-ahead-of-the-merge/ Coinbase Launches Wrapped Ethereum Liquid Staking Token Ahead of The Merge – Bitcoin News] (Apr 5, 2023)</ref>
	<ref name="newsdotbitcoin-10665">[https://news.bitcoin.com/coinbase-launches-wrapped-ethereum-liquid-staking-token-ahead-of-the-merge/ Coinbase Launches Wrapped Ethereum Liquid Staking Token Ahead of The Merge – Bitcoin News] (Apr 5, 2023)</ref></references>		</references>

Azoundria: Created page with "{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/sendingwethtowethcontractmistake.php}} {{Unattributed Sources}} Wrapped Ethereum GraphicsA user made the mistake of sending wrapped ethereum to the wrapped ethereum smart contract, thinking it would work to unwrap it. Instead, their funds were permanently lost. This is a global/international case not involving a specific country.<..."

2023-04-06T18:19:31Z

Created page with "{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/sendingwethtowethcontractmistake.php}} {{Unattributed Sources}} thumb|Wrapped Ethereum GraphicsA user made the mistake of sending wrapped ethereum to the wrapped ethereum smart contract, thinking it would work to unwrap it. Instead, their funds were permanently lost. This is a global/international case not involving a specific country.<ref name="redditimage-10655" /><..."

New page

{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/sendingwethtowethcontractmistake.php}}
{{Unattributed Sources}}

[[File:Wrappedethereum.jpg|thumb|Wrapped Ethereum Graphics]]A user made the mistake of sending wrapped ethereum to the wrapped ethereum smart contract, thinking it would work to unwrap it. Instead, their funds were permanently lost.

This is a global/international case not involving a specific country.<ref name="redditimage-10655" /><ref name="redditarchive-10656" /><ref name="etherscan-10657" /><ref name="redditarchive-10658" /><ref name="web3isgoinggreat-10659" /><ref name="redditarchive-10660" /><ref name="br-10661" /><ref name="cryptopotato-10662" /><ref name="reddit-10663" /><ref name="reddit-10664" /><ref name="newsdotbitcoin-10665" />

== About None ==
"Edit: Full story. Sent ETH to WETH contract and got WETH back (after some googling I found this is how the contract works). Assumed it works the same way backwards and sent WETH back to the contract. No ETH back. Apparently you have to use a frontend to get the ETH back. ETH lost forever."

"Edit 2: Thanks strangers. I am really happy to see lots of kind hearted people in the comments and chat. This is a significant amount of money for anyone to lose and it was the case for me as well. I was under the stress of some other things in my life and made a bigger mistake by making assumptions in this wild early technology. But, I will be OK."

"I am sharing my wallet address in case the community wants to help me remediate some of this loss. I would also be in favor of an EIP returning money to addresses who lost money because of these early mistakes. However, I can see that this can be a contentious one, so the community and the success of Ethereum should always be first."

"Edit 3: I am also sorry that this was a negative event for the perception of cryptocurrencies. The last thing I would want in this world :( A life-changing lesson for me, but definitely something to work on as a community as well."

This is a global/international case not involving a specific country.

The background of the exchange platform, service, or individuals involved, as it would have been seen or understood at the time of the events.

Include:

* Known history of when and how the service was started.
* What problems does the company or service claim to solve?
* What marketing materials were used by the firm or business?
* Audits performed, and excerpts that may have been included.
* Business registration documents shown (fake or legitimate).
* How were people recruited to participate?
* Public warnings and announcements prior to the event.

Don't Include:
* Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed.
* Anything that wasn't reasonably knowable at the time of the event.
There could be more than one section here. If the same platform is involved with multiple incidents, then it can be linked to a main article page.

== The Reality ==
This sections is included if a case involved deception or information that was unknown at the time. Examples include:

* When the service was actually started (if different than the "official story").
* Who actually ran a service and their own personal history.
* How the service was structured behind the scenes. (For example, there was no "trading bot".)
* Details of what audits reported and how vulnerabilities were missed during auditing.

== What Happened ==
The specific events of the loss and how it came about. What actually happened to cause the loss and some of the events leading up to it.
{| class="wikitable"
|+Key Event Timeline - Sending WETH To WETH Contract Mistake
!Date
!Event
!Description
|-
|January 29th, 2022 7:37:50 PM MST
|Posted On Reddit
|Incident is posted to Reddit.
|}

== Total Amount Lost ==
The total amount lost has been estimated at $510,000 USD.

How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie?

== Immediate Reactions ==
How did the various parties involved (firm, platform, management, and/or affected individual(s)) deal with the events? Were services shut down? Were announcements made? Were groups formed?

== Ultimate Outcome ==
What was the end result? Was any investigation done? Were any individuals prosecuted? Was there a lawsuit? Was any tracing done?

== Total Amount Recovered ==
There do not appear to have been any funds recovered in this case.

What funds were recovered? What funds were reimbursed for those affected users?

== Ongoing Developments ==
What parts of this case are still remaining to be concluded?
== Individual Prevention Policies ==
{{Prevention:Individuals:Placeholder}}

{{Prevention:Individuals:End}}

== Platform Prevention Policies ==
{{Prevention:Platforms:Placeholder}}

{{Prevention:Platforms:End}}

== Regulatory Prevention Policies ==
{{Prevention:Regulators:Placeholder}}

{{Prevention:Regulators:End}}

== References ==
<references><ref name="redditimage-10655">[https://i.redd.it/ls22212iize81.png https://i.redd.it/ls22212iize81.png] (Sep 17, 2022)</ref>

<ref name="redditarchive-10656">[https://web.archive.org/web/20220130040410/https://www.reddit.com/r/ethereum/comments/sfz4kw/did_i_just_lose_half_a_million_dollars_by_sending/ Did I just lose half a million dollars by sending WETH to WETH's contract address? : ethereum] (Apr 5, 2023)</ref>

<ref name="etherscan-10657">[https://etherscan.io/tx/0x96a7155b44b77c173e7c534ae1ceca536ba2ce534012ff844cf8c1737bc54921 Ethereum Transaction Hash (Txhash) Details | Etherscan] (Apr 5, 2023)</ref>

<ref name="redditarchive-10658">[https://web.archive.org/web/20220616012012/https://www.reddit.com/r/ethereum/comments/sfz4kw/deleted_by_user/ <nowiki>[deleted by user] : ethereum</nowiki>] (Apr 5, 2023)</ref>

<ref name="web3isgoinggreat-10659">[https://web3isgoinggreat.com/?id=2022-01-29-1 Trader loses $510,000 trying to convert funds between two currencies] (Apr 5, 2023)</ref>

<ref name="redditarchive-10660">[https://web.archive.org/web/20220329173112/https://www.reddit.com/r/ethereum/comments/sfz4kw/did_i_just_lose_half_a_million_dollars_by_sending/ Did I just lose half a million dollars by sending WETH to WETH's contract address? : ethereum] (Apr 5, 2023)</ref>

<ref name="br-10661">[https://br.ifunny.co/picture/tyler-glaiel-tylerglaiel-someone-lost-half-a-million-dollars-because-xvw86QEI9 Tyler Glaiel @TylerGlaiel someone lost half a million dollars because they made a small mistake while trying to do a crypto transaction. the fact that there is no possible way to remedy this is seen as a feature by crypto bros. the person who lost...razil] (Apr 5, 2023)</ref>

<ref name="cryptopotato-10662">[https://cryptopotato.com/ethereum-investor-loses-500000-after-sending-weth-to-weth-address/ Ethereum Investor Loses $500,000 After Sending WETH to the WETH Contract] (Apr 5, 2023)</ref>

<ref name="reddit-10663">[https://www.reddit.com/r/ethereum/comments/sfz4kw/deleted_by_user/ https://www.reddit.com/r/ethereum/comments/sfz4kw/deleted_by_user/] (Apr 5, 2023)</ref>

<ref name="reddit-10664">[https://www.reddit.com/r/SorryForYourLoss/comments/sgrt0j/500k_did_i_just_lose_half_a_million_dollars_by/ Reddit - Dive into anything] (Apr 5, 2023)</ref>

<ref name="newsdotbitcoin-10665">[https://news.bitcoin.com/coinbase-launches-wrapped-ethereum-liquid-staking-token-ahead-of-the-merge/ Coinbase Launches Wrapped Ethereum Liquid Staking Token Ahead of The Merge – Bitcoin News] (Apr 5, 2023)</ref></references>