Lightning Network User Retrieves Most of the Lost Funds of 4 Bitcoin (BTC)

There was a commotion from a Redditor user losing 4BTC through the Lightning network. The unfortunate user, ZippoTm claimed to have lost the funds after force closing a channel using an older invalid state.

I'm the guy who "lost" ~4 BTC on Lightning Network from Bitcoin

On lightning, the distribution of funds occurs when a channel gets closed, and the protocol refers to the most recently signed balance sheet. If you force close using an older invalid state, they can take your money while it is time-locked if their node is online.

How did it Happen?

The fact that a user could lose a 4BTC worth fund is a clear indication that the technology wasn't ready for close – down use. However, part of the situation was caused by the user due to incorrectly closing the payment channels.

Most people are worried about how insecure the lightning network has turned out to be; some people only invest with only what they are willing to lose. The disastrous story has brought about an alarming trust issue at the platform.

However, the user confirmed that the lightning Network has put in place all efforts to support him and has ensured him that he has recovered most of the lost coins.

Rectifying the Lightning Network Incident

The Redditor user gave various advice in this regard.

If you have a physical server always use UPS power supply to prevent power fails, also if you want to force-close channels, always do it manually, one-by-one when your node is fully synced. Create SCBs (static channel backups) every time after opening a new channel and keep your 24 words seed. After pressing the “RETURN” button, don't panic, wait, and don't press Ctrl + C (like me) instantly after that. Inform yourself how that system works before sending a higher amount of coins there.

Get Daily Headlines

Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

What to Know More?

Join Our Telegram Group to Receive Live Updates on The Latest Blockchain & Crypto News From Your Favorite Projects

Join Our Telegram

Stay Up to Date!

Join us on Twitter to Get The Latest Trading Signals, Blockchain News, and Daily Communication with Crypto Users!

Join Our Twitter

Add comment

E-mail is already registered on the site. Please use the Login form or enter another.

You entered an incorrect username or password

Sorry, you must be logged in to post a comment.
Bitcoin Exchange Guide