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Coinbase's director of product strategy and business operations, Conor Grogan, took to Twitter on Monday to categorize several Ethereum typos, user mistakes, and buggy contracts.
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Grogan discovered that approximately 636,000 ETH, which represents 0.5% of Ether's circulating supply, has been lost forever due to these errors.
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Grogan clarified that the $1.1B+ figure significantly underestimates the actual amount of lost or inaccessible ETH, as it only accounts for cases where Ethereum is permanently locked.
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He highlighted that the number of coins removed from circulation and unable to be recovered could be considerably higher.
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The Coinbase director noted that the $1.1B+ figure excludes losses resulting from forgotten Genesis wallets or lost private keys.
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Grogan joked that cryptocurrency can be challenging sometimes, adding, "On the flip side, that's a lot of ETH that can't be sold." Should we be bullish now?
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