Israeli Firm Unveils Tech Allowing Users to ‘Undo’ Erroneous Ether Transactions

(PashaIgnatov/Getty Images)

Israeli Firm Unveils Tech Allowing Users to ‘Undo’ Erroneous Ether Transactions

Kirobo, a Tel Aviv-based startup known for developing a product that reverses erroneous bitcoin transactions, has repurposed its invention to work on Ethereum.

  • Announced Thursday, the Retrievable Transfer service is now available to users transacting in the network’s native ether token.
  • “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 Asaf Naim, CEO at Kirobo.
  • Available to users of MetaMask and any wallet that uses the WalletConnect protocol, Retrievable Transfer allows users to reclaim funds sent to the wrong address by generating a password that is entered by the sender.
  • The receiver of the funds must also enter the matching password – failing to do so allows the sender to claim back the funds, reversing the transaction.
  • In addition, the service is also designed to safeguard against sending funds to smart contracts that don’t support deposits, as well as man-in-the-middle attacks, according to Kirobo.
  • Ethereum standard ERC-20 tokens will also be supported by the service at a later date, the startup said.
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