SNEAK PEEK
- Over 636,000 ETH, valued at more than $1.15 billion, has been permanently lost due to typos, user errors, and buggy contracts.
- Multiple instances of ETH loss have occurred due to Multisig bugs.
- The ETH to USD trading pair has seen a bearish trend in the last 24 hours.
A tweet by Conor has shed light on the significant amount of Ethereum (ETH) lost due to typos, user errors, and buggy contracts. According to Conor, who has classified thousands of instances of Ethereum mistakes, over 636,000 ETH – valued at more than $1.15 billion – has been permanently lost, representing 0.5% of all circulating supply.
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
This figure highlights the complexity of working with cryptocurrencies and the importance of being diligent when handling them. It also serves as a warning to the cryptocurrency community to take precautions when working with Ethereum and other digital assets.
This loss can be attributed to Web3 having recorded a loss of 306,000 ETH (equivalent to $538 million) due to a Multisig bug, while Quadriga lost 60,000 ETH ($108 million) due to a faulty contract. In another instance, Akutars lost 11.5k ETH in an Non-Fungible tokens (NFT) mint gone wrong, while 24,000 ETH were collectively sent to a burn address for some unknown reason.
Some of the biggest losses:
-Web3 foundation has 306K ETH ($538M) trapped due to the Parity Multisig bug
-Quadriga lost 60K ($108M) to a faulty contract
-Akutars lost 11.5k ETH in an NFT-mint gone wrong
-People have collectively sent 24k ETH to a burn address for some reason (?) pic.twitter.com/ELAzFTvWe5— Conor (@jconorgrogan) March 20, 2023
Recent reports reveal that over $1.1 billion worth of permanently lost Ethereum due to typos, user errors, and buggy contracts only scratch the surface of the true extent of Ethereum losses.
According to experts in the field, this number significantly undershoots the actual amount of lost or inaccessible ETH, as it only covers instances where Ethereum is locked forever, and does not include lost private keys or forgotten wallets, such as the infamous Genesis wallets.
To be clear, this $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
— Conor (@jconorgrogan) March 20, 2023
In the last 24 hours, the ETH to USD trading pair has seen a bearish trend, with the price dropping by 1.29% and currently trading at $1,744.70. The trading volume has decreased by 4.80%, with a trading volume of approximately $9,966,186,946. At the same time, the market cap has also declined by 1.35%.