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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 cant be sold while admitting that crypto trading could be difficult sometimes.

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 Quadrigas 60K ETH, worth $108M to a faulty contract.

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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 doesnt 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.

ETH currently trades at $1,810.33 with a 24-hour trading volume of $10,612,154,207 (10.6B).

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Read more from the original source:

636,000 Ethereum (ETH) Worth $1.1B Lost Forever - The Crypto Basic