913,111 Lost Forever Due to User Error, Top Researcher Says
Main Idea
Coinbase director Conor Grogan reports that 913,111 ETH, worth $3.4 billion, has been permanently lost due to user errors, representing 0.76% of the total ETH supply.
Key Points
1. A total of 913,111 ETH (0.76% of supply) is lost forever due to user errors like incorrect address transfers, smart contract mistakes, or failed multisig wallets.
2. Examples include the Parity wallet incident (306,000 ETH frozen) and QuadrigaCX's undocumented wallets (60,000 ETH lost).
3. The Akutars NFT project lost $34 million due to smart contract bugs during a Dutch auction mint.
4. Grogan notes 25,000 ETH was sent to burn addresses, but the $3.4 billion estimate likely undercounts losses (excludes lost private keys).
5. Around 5.3 million ETH has been burned since EIP-1559's implementation in 2021.
Description
Coinbase director Conor Grogan has revealed how many ETH tokens have been lost due to user error
Latest News
- Ripple Mints More RLUSD as Market Cap Passes $500 Million2025-07-22 06:45:23
- Breaking: JPMorgan Eyes Bitcoin-Backed Loans in Major U-Turn2025-07-22 04:46:22
- Second XRP Price Wave Can Bring $5, Solana (SOL) Joins Bull Market, Dogecoin (DOGE): Don't Miss This2025-07-22 00:26:54
- Schiff on Ethereum (ETH): 'It's Great Time to Sell'2025-07-21 20:48:36
- 180,000,000 Dogecoin Fuels Hope in Epic Whale Activity2025-07-21 19:57:08