ETH Recovery With DAO Engineering – Crypto Transaction Security Report Launched

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DAIflash, a leading cryptocurrency platform, has launched a new report on the benefits of using blockchain, including the fact it offers increased security. The report comes when cryptocurrencies are growing in popularity as an alternative investment, but inexperienced investors still question Decentralised Finance (DeFi) security.

The newly launched report from DAIflash states that when individuals fall victim to traditional banking tech fraud, it can be hard (but not impossible) to trace their money and get it back. However, with blockchain and DeFi advances, it may be possible for Decentralised Autonomous Organizations (DAO) to help crypto investors recover lost or stolen coins in the future.

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Although blockchains offer enhanced security when compared to traditional systems, errors can still occur. In its new report, DAIflash cites a recent example whereby an individual accidentally sent 63 Ethereum (ETH) (or $240,000) to the wrong address.

In its new report, DAIflash states the funds were restored because of the engineering abilities of the DAO involved. Although the owner of the ETH accepted responsibility for the error, they shared their message online as a warning to other investors.

In this instance, the report explains the user switched from the ETH Mainnet to Arbitrum. Unfortunately, the token bridge was not available for ETH. Although not always possible to reverse blockchain transactions, in this situation, it was. It involved accessing the Externally Owned Accounts (EOAs) through complex engineering techniques.

The owner of the missing ETH stated that the engineers who retrieved the missing coins had no obligation to do so. This cautionary tale shows the positive impact of teamwork within the crypto space.

DAIflash offers the latest in cryptocurrency news alongside reports for new and experienced investors. Dai is a stablecoin that is backed by crypto. It was developed by MakerDAO. It runs on the Maker Protocol, which is one of the biggest DApps through the Ethereum blockchain.

It shares DAI coin updates and more. For instance, the platform recently added a report comparing Crypto Wallet Services to help potential investors better understand the different crypto wallets available. It includes the biggest names in the industry, from Robinhood to Plus500, Webull, Eightcap, Coinbase, EToro, Binance, BlackBull Associates, and more.

A company spokesperson said: “A mix of engineering talent and genuine concern enabled the MakerDAO Protocol engineering team to recover nearly $240,000 worth of lost ETH for its owner through the DeFi DAO.”

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Disclaimer: The information provided on this page does not constitute investment advice, financial advice, trading advice, or any other sort of advice and it should not be treated as such. This content is the opinion of a third party, and this site does not recommend that any specific cryptocurrency should be bought, sold, or held, or that any crypto investment should be made. The Crypto market is high risk, with high-risk and unproven projects. Readers should do their own research and consult a professional financial advisor before making any investment decisions.

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