$2.34M Sent to Wrong Addresses in Stable Pre-Deposit
Over $2.34M lost as 60+ wallets misenter receiving addresses in Stable’s Phase 2 pre-deposit.
- Stable’s pre-deposit Phase 2 surpasses $253M.
- $2.34M+ mistakenly sent to smart contract addresses.
- Users are urged to verify wallet addresses before depositing.
$253M Deposited, But Costly Mistakes Follow
Phase 2 of the Stable pre-deposit campaign has seen incredible momentum, with deposits surpassing $253 million. But alongside the success, a critical error has surfaced: more than 60 wallets have accidentally entered contract addresses instead of valid wallet addresses as recipients—resulting in over $2.34 million being potentially lost.
This highlights the high stakes and irreversible nature of blockchain transactions, where one small mistake can cost thousands—or even millions.
What Went Wrong?
The issue stemmed from users copying and pasting incorrect addresses—specifically smart contract addresses instead of personal wallet addresses—into the recipient field during deposits. Once sent, these funds are typically unrecoverable, as contract addresses can’t receive tokens like regular wallets unless specifically designed to do so.
This common error in the DeFi space has affected not just newcomers, but also experienced users. It serves as a stark reminder: blockchain doesn’t offer “undo” buttons.
Double-Check Before You Send
The Stable team has issued a clear warning to the community: always verify your receiving address before making a deposit. Use trusted wallet interfaces, avoid copying from unverified sources, and double-check that the address is owned by you—not a contract.
While the Stable protocol continues to gain traction, this incident underlines the urgent need for better user experience and education in crypto platforms—especially as large sums are being moved by users across the globe.
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