The money of the DeFi user who lost his access to 1 million USDT by sending it to the smart contract address was returned.
Recently, a DeFi (decentralized finance) user lost his access to 1 million USDT worth of $ 1 million when he sent the crypto to the smart contract of the DeFi application Swerve Finance.
The tokens that users send to a smart contract address cannot be withdrawn even if the contract owner wishes. The only option was for Tethe, the issuer of USDT, to freeze the funds at the address and resend them to the unfortunate user.
Tether technology director Paolo Ardoino announced that 1 million USDT sent to the wrong address was recovered and returned to its owner. The beneficiary party also thanked Tether and Ardoino.
Ardoino made a call to the owner of the funds on September 8, the day of the incident, and asked him to open a support ticket at the Tether support center. The technology director said Tether could take a few weeks to fix the problem, and stated that the USDT sent had a good chance of getting the money back because it was ERC20-based.
USDT is the third largest cryptocurrency with a market cap of close to $ 15 billion. The circulating amount of USDT, which is used as the equivalent of the US dollar in crypto money markets, was $ 4 billion just at the beginning of the year.