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; failure to do so allows the sender to reclaim 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.
ERC-20 tokens on Ethereum will also be supported by the service at a later date, the startup said.

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