One user incurred a loss of $75,000 after accidentally deleting 10 million PUMP in an incident that occurred just one day after the initial coin offering on the Pump.fun platform.
According to the analysis platform 'Lookonchain', it is likely that the burn was carried out using a function within the wallet or an external tool typically intended to filter out unwanted digital tokens resulting from airdrops.
However, the user, by sending the cryptocurrencies to an invalid address, effectively caused their permanent destruction, with no possibility of recovery.
Although burning is often used as a deflationary mechanism to reduce supply, indicators suggest that what happened was an individual error by the wallet owner '4X43Dm', due to negligence or misunderstanding, which is common in the cryptocurrency environment where there are no recovery means when sending money in error.
In a related context, the 'Pump.fun' platform, based on the Solana network, raised $500 million during the initial coin offering by selling the digital currency PUMP at a price of $0.0040 per coin in just 12 minutes.
The platform announced at the time that the maximum supply would reach one trillion coins, despite a subsequent contradiction between the initial statement and the actual results.
33% of the coins were allocated for the initial offering, 20% for the development team, 24% for the community and initiatives, 13% for early investors, while the remainder was distributed among the liquidity fund, ecosystem, and live broadcasting.
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