User and software errors resulted in a loss of more
Software

User and software errors resulted in a loss of more than $1 billion in Ethereum

Due to thousands of software failures and user errors related to the Ethereum blockchain, 636,000 “coins” of the eponymous cryptocurrency (ETH) were lost, totaling $1.15 billion. calculated Crypto exchange CEO Conor Grogan. That’s about 0.5% of total Ethereum sales (about 120 million units).

    Image Source: Peter Patel / pixabay.com

Image Source: Peter Patel / pixabay.com

About half of that amount comes from a glitch in the Parity cryptocurrency wallet: 306,000 ETH ($538 million) was locked in 2017. In 2019, the Quadriga crypto exchange smart contract failed, resulting in the loss of 60,000 ETH ($108 million) and another 11.5,000 ETH becoming unavailable due to the unsuccessful release of the Akutars NFT collection. After all, Ethereum users themselves sent 24,000 ETH worth $43 million to the token burning address, and it will not be possible to return them from there either.

In reality, the actual amount of “coins” lost may be more than the reported $1.15 billion, Mr. Grogan acknowledged. The statistics he cites only include incidents where tokens were permanently blocked due to bugs or failures, but there were also cases where users lost private keys to their crypto wallets. The loss of tokens can also be caused by an unsuccessful joke, as was the case with the Franklinisbored NFT collector – last summer he lost 100 ETH ($150,000 at the time) by making a joke bet on a domain in the Ethereum Name Service ( ENS) completed. which he entered himself.

RELATED TOPICS

About the author

Robbie Elmers

Robbie Elmers is a staff writer for Tech News Space, covering software, applications and services.

Add Comment

Click here to post a comment