Kirobo undo-button eth
A sadly irreversible transaction mishap cost a PewDiePie NFT buyer $25,000
Ethereum,  Technology

Kirobo adds ‘undo-button’ for ETH, ERC-20 transactions

The company previously released a bitcoin version of the technology, which adds a password that allows users to cancel previously irreversible transactions

By  / November 12, 2020 /

On Nov. 4, a crypto collector lost almost $25,000, after carelessly selling a non-fungible token (NFT) of YouTube star PewDiePie for one wrapped ether shortly after buying it for 60. The problem? He clicked a link while driving.

It’s with just this issue in mind that Tel Aviv-based Kirobo created its “undo-button” for Bitcoin transactions—a technology it has now extended to Ethereum, according to a Nov. 12 announcement.

The undo feature will allow users to reclaim funds sent to the wrong wallet during “previously irreversible ether transactions,” the company said. 

“When dispatching digital assets, a password is entered by the sender. Funds are then released only when the recipient enters this same password. If the password is not entered, the sender can retrieve their assets at their convenience.”

Aside from human error and sending funds to smart contracts that don’t support deposits, the technology also protects against man-in-the-middle attacks.

“The use of our logic layer finally eliminates the need to send a test transaction, sharply reducing the level of anxiety users feel when transferring funds to a third party,” said Kirobo CEO Asaf Naim in the release. “Kirobo supports the principle of decentralization and gives users the same peace of mind that comes from sending funds between banks.”

Kirobo said it does not act as a custodian or hold funds at any point during the transaction.

The Ethereum undo-button currently supports ETH, but will soon be available for any ERC-20 token. It currently works with MetaMask and WalletConnect wallets. 

As for that PewDiePie NFT buyer, he realized his mistake almost instantly. “Afterwards, I received an email with ‘Congratulations! You sold your NFT PewDiePie for 1 WETH.’ I started screaming and called a friend of mine, a blockchain expert, crying.”

To add insult to injury, the PewDiePie NFT token gives the owner the right to receive the proceeds of sales of the YouTuber’s skin in the game Wallem. Within hours of buying the NFT, its new owner received about 300 Pteria ($1,200) to his address from the Pteria DAO.

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Leo Jakobson, Modern Consensus editor-in-chief, is a New York-based journalist who has traveled the world writing about incentive travel. He has also covered consumer and employee engagement, small business, the East Coast side of the Internet boom and bust, and New York City crime, nightlife, and politics. Disclosure: Jakobson has put some 401k money into Grayscale Bitcoin Trust.