The Director of Product Strategy and Business Operations at Coinbase recently highlighted the prevalence of errors in the Ethereum ecosystem that have led to the loss of over $1 billion worth of Ether.
Conor Grogan conducted an in-depth analysis of thousands of different errors, ranging from typos to buggy contracts, that have resulted in the irretrievable loss of 636,000 ETH, equivalent to $1.15 billion at current prices.
This represents roughly 0.5% of the total ETH currently in circulation. Grogan revealed that a significant portion of the lost coins, approximately 306,000 ETH, was attributed to a software error in the Parity wallet back in 2017.
Additionally, another 60,000 ETH was lost due to an error in the smart contract of the now-defunct Quadriga exchange.
The failed issuance of collectible tokens by the Akutars NFT project resulted in the loss of 11,500 Ether, while Ethereum users themselves lost 24,000 ETH by sending funds to non-existent or inactive wallets.
It’s worth noting that Grogan’s research only covers those coins that are permanently blocked, and the actual volume of ETH to which wallets have been accessed is much larger, though such wallets cannot be determined.
Grogan acknowledged that the value of the assets lost was lower at the time, but this still represents a significant loss for the cryptocurrency market.
Despite this, some analysts like Michael va de Poppe predict that Ethereum could see a rise in value to $2,000 in the near future.
Latest
Over $1 Billion Worth of Ethereum Lost Due to Smart Contract Bugs and Human Error
