What happened to the netizen who "lost" 4 bitcoins on the Lightning Network?

In October, a netizen posted on Reddit that the funds lost 4 bitcoins on the Lightning Network due to operating errors.

He said that he could not get the latest transaction backup because the network was offline, so he was deemed cheating by other nodes. When he forcibly shut down the node, 4 bitcoins were lost.

lightning

His experience sparked a lot of discussion at the time. Some people think that this rule of the Lightning Network is too strict. Although it can effectively prevent cheating, once the user makes a mistake, it is easy to have unpredictable consequences.

Today, two months later, the netizen ZipoTm posted another post to update the follow-up progress. He said that the Lightning Network actually retained his bitcoin, most of which had been returned to him.

The Lightning Network community helped a lot when recovering these funds. ZipoTm gave specific methods:

"The first step: close the channel with seed funding.

Step 2: Use channel.db's perCommitPoint to forcefully close the channel remotely.

Step 3: Forcibly close the channel remotely, we must ask the node for perCommitPoint.

Step 4: Try SCB (static channel backup) again with the remaining channels.

Step 5: The channel is still open and forced to close with the old state. " Finally, he gave a few suggestions to users who also run Lightning Network nodes:

"1. If you are using a physical server, be sure to use a UPS (Uninterrupted) power supply to prevent power failure.

2. If you want to forcefully close the channel, be sure to do it manually, after the nodes are fully synchronized, close them one by one.

3. Every time after opening a new channel, create a SCB (static channel backup), and save a 24 word seed.

4. After clicking 'RETURN', don't panic, wait a bit, don't click Ctrl + C (copy) as I did.

5. Before sending more coins, understand how this system works. " Although it was a good thing for the netizen to retrieve the lost funds, apparently the crowd was more worried that the Lightning Network was too complicated for ordinary people to find out.

On the one hand, as the Lightning Network matures, it will become more and more user-friendly, and the complexity of operations will also decrease. In addition, users who need to use the Lightning Network can now seek help from third parties. These third parties and Bitcoin exchanges are similar and can help users complete Lightning Network transactions. The entire process is no different for users than regular Bitcoin transactions. Finally, it is recommended to avoid storing large amounts of funds on the channel as far as the Lightning Network is still immature today.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Blockchain

Exchange pushes Singapore into compliance

Text: 嚯 嚯 Source: Hive Finance On March 27, the Singapore Financial Regulatory Authority (MAS) official...

Market

Fortune Magazine From ambitious to defensive, what twists and turns has the crypto queen Katie Haun experienced?

Cryptocurrencies may experience cyclical fluctuations, but this time the trough is much steeper than investors expect...

Blockchain

Research Report | Exchange Industry 2019 Q1 Report

In the first quarter of 2019, the digital clearing exchange industry changed dramatically. After a long bear market i...

Blockchain

Run, clear the sea? This question for the exchange is too difficult

Text | Qin Xiaofeng Production | Odaily Planet Daily The market turned cold, and the exchange changed from a once env...

Blockchain

Data decreased slightly, rumors triggered a single-day net outflow of Binance

From the data of the past week (02.17-02.23), compared with the previous week (02.10-02.16), all the data have slight...

Blockchain

Exchange captures EOS super nodes

The rise of Staking's economy has driven the business of PoS mining and has broken the power structure of EOS su...