US Rapper Loses $500,000 Trading Meme Coins
US songwriter and rapper Ty Dolla $ign made a grand entry into the world of cryptocurrencies for all the wrong reasons. His first inroads into meme coins hit a dead end as he lost close to $500,000 for a costly mistake. The mistake was transferring his coins to the token’s contract address instead of his cryptocurrency wallet.
How The Ordeal Went Down
Purchase Of SUNDOG Tokens
So here’s how the ordeal went down: Rapper Ty Dolla $ign purchased 1.66 million tokens of the meme coin SUNDOG. He purchased SUNDOG tokens for $499,780 and accumulated the tokens. However, instead of moving the meme coins to his wallet address, he sent them to the contract address of SUNDOG.
Mistakenly Sending To Burn Address
In other words, he mistakenly sent the meme coins to SUNDOG’s burn address and the tokens ended up in the deal wallet. Once tokens are sent to the dead wallet and burned, there is no chance of retrieving it. The mistake was so costly that he ended up losing $409,000 through the ordeal.
In no surprise, the meme coins did not reflect in his cryptocurrency wallet and the rapper took to Twitter to address the Tron founder Justin Sun. “Yo, where my $SUNDOG at? I sent it to my TRX address and it ain’t showing???” he tweeted. SUNDOG is a meme coin which runs on the Tron network.
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