#QuickTakes By

Bugs And Typos Erased More Than $1 Billion In Ether

Scribbled Arrow

TRENDING GLOBALLY

-: FOLLOW US :-  @theinsaneapp

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.

-: FOLLOW US :-  @theinsaneapp

Grogan discovered that approximately 636,000 ETH, which represents 0.5% of Ether's circulating supply, has been lost forever due to these errors.

-: FOLLOW US :-  @theinsaneapp

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. 

-: FOLLOW US :-  @theinsaneapp

He highlighted that the number of coins removed from circulation and unable to be recovered could be considerably higher.

-: FOLLOW US :-  @theinsaneapp

The Coinbase director noted that the $1.1B+ figure excludes losses resulting from forgotten Genesis wallets or lost private keys.

-: FOLLOW US :-  @theinsaneapp

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?

-: FOLLOW US :-  @theinsaneapp