In a tweet, NFT collector Brandon Riley wrote that the CryptoPunk #685 token, worth approximately $135,000, was irretrievably lost after being accidentally sent to a destruction address.
“Today, while trying to wrap CryptoPunk #685, I accidentally burned it. I was so focused on following the instructions exactly that I made the mistake of destroying a third of my fortune in one transaction.” wrote Riley.
According to Riley, he planned to use CryptoPunk #685 as “perpetual collateral” and to secure future loan applications. However, when trying to create a proxy wallet, he did something wrong and after accessing the contract, he automatically received an address, which by default was the address for burning assets.
“I followed all the instructions exactly. But the reality is that, having no experience with such contracts, I should not have tried to do this alone, ” said Riley.
Commenting on the event on social media, the crypto community unanimously agreed that the complex instructions and confusing user interface of most crypto ecosystems constantly expose investors to the risk of losing funds and require an early update.
Earlier, the State Administration of China for Market Regulation reported that by the end of 2022, the number of complaints related to non-fungible tokens (NFTs) increased by 30,000%.
Source: Bits
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