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 categorised 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.
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 have been collectively sent to a burn address for some unknown reason.
Recent reports reveal that over $1.1B 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.
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%.
