Coinbase Director Makes Shocking Revelation On $1.1B+ Ethereum (ETH) Lost Forever.
Coinbase Director of Project Strategy & Business Operations Conor Grogan has taken to his official Twitter account to shed light on the vast amount of ETH coins lost forever. Conor revealed that up to 636,000 ETH worth $1.15B+, equal to 0.5% of all circulating supply, will not be recovered again.
The Coinbase director categorized these losses as Ethereum typos, user errors, and buggy contracts. Sharing his thoughts via a Twitter thread, Conor said the number is too much as they can’t be sold while admitting that crypto trading could be difficult sometimes.
I've categorized thousands of instances of Ethereum typos, user errors, and buggy contracts
Thus far I've found 636,000 ETH worth $1.15B+ that are lost forever: 0.5% of all circulating supply
Crypto can be hard some times 😅
On the flip side thats a lot of ETH that cant be sold pic.twitter.com/YvCh2KmME5
— Conor (@jconorgrogan) March 20, 2023
Conor Grogan also listed some of the biggest losses he found. Conor started with the Web3 foundation loss of 306K ETH, worth $538M due to the Parity Multisig bug, and then Quadriga’s 60K ETH, worth $108M to a faulty contract.
Also on the list is Akutars loss of 11.5k ETH because of a wrong NFT-mint, plus the 24k ETH collectively sent by people to a burn address for unknown reasons.
He further said the “$1.1B+ number significantly undershoots the actual lost/inaccessible ETH amount- It just covers instances where Ethereum is locked forever. For example, it doesn’t cover lost private keys or things like Genesis wallets that have presumably been forgotten.”
According to IntoTheBlock stats, 66,000 Ethereum have been burned from the supply.
According to @intotheblock, in 2023 66k $ETH has been burned, causing a reduction in Ethereum's supply. This development has transformed Ethereum into a deflationary asset. #Ethereum #deflation pic.twitter.com/qyW534nBtN
— Elite 💙🧡 (@eliteXBT) March 21, 2023
ETH currently trades at $1,810.33 with a 24-hour trading volume of $10,612,154,207 (10.6B).
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