Latest news with #ConorGrogan
Yahoo
28-07-2025
- Business
- Yahoo
A Coinbase Director Tracked Down 913,000 'Lost Forever' Ethereum Tokens Worth $3.4 Billion—Here's What Happened
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. The crypto world's 'hodl' philosophy just got a reality check. According to shocking new data from Coinbase (NASDAQ:COIN) Product Director Conor Grogan, over 913,000 Ethereum tokens—worth approximately $3.4 billion—have been permanently lost due to human errors, technical bugs, and coding mishaps. That's nearly 0.76% of all circulating ETH that will never see the light of day again. The Billion-Dollar Oops Moments The data reveals a sobering truth about cryptocurrency's unforgiving nature. Unlike traditional banking where transactions can be reversed and funds recovered, blockchain's immutable ledger means that one wrong click, one coding error, or one forgotten password can erase fortunes forever. Don't Miss: Be part of the breakthrough that could replace plastic as we know it— — no wallets, just price speculation and free paper trading to practice different strategies. The biggest single loss? The Parity Wallet bug that trapped over 513,000 ETH – worth roughly $925 million at current prices – across 178 wallets. This 2017 incident occurred when a user accidentally triggered a self-destruct function in a critical smart contract, locking away funds from multiple users permanently. Other notable casualties include the Web3 Foundation's loss of 306,000 ETH and the Quadriga exchange disaster that saw 60,000 ETH disappear into a faulty contract. Even more puzzling: users have collectively sent 24,000 ETH to burn addresses for reasons that remain unclear—digital money literally thrown into the void. The Hidden Ethereum Deflation Story While Ethereum's transition to proof-of-stake was marketed as an environmental victory, Grogan's research reveals an unexpected side effect: accidental deflation on a massive scale. The 913,000 ETH in permanently lost tokens, combined with the 5.3 million ETH burned through network fees, means over 6.2 million coins—roughly 5% of all ETH ever issued—are now permanently out of circulation. Trending: Grow your IRA or 401(k) with Crypto – . This creates an intriguing economic dynamic. Traditional economists worry about deflation in fiat currencies, but in crypto, permanent token loss effectively reduces supply, potentially supporting long-term price appreciation for remaining holders. The Real Number Is Likely Much Higher Grogan's $3.4 billion figure only scratches the surface. His analysis exclusively covers provably lost ETH—tokens trapped in identifiable smart contracts or sent to known burn addresses. It doesn't account for the potentially millions of dollars in ETH sitting in wallets where private keys have been lost, forgotten, or destroyed. Consider the early adopters who mined or bought ETH when it was worth pennies, stored it on old hard drives, and later forgot about it until prices skyrocketed. Or the investors who passed away without sharing wallet access with family members. These 'zombie wallets' could contain vast sums that appear active on the blockchain but are functionally dead. The data also excludes Genesis wallets—early Ethereum addresses that received tokens during the network's 2015 launch but have never moved their funds. Many of these are presumed abandoned, representing additional unreachable This Means for Investors For current ETH holders, this permanent supply destruction creates a complex investment thesis. On one hand, reduced supply typically supports higher prices over time. On the other hand, the data serves as a stark reminder of cryptocurrency's technical risks. The research highlights why institutional adoption has been slow and why many traditional investors remain skeptical. In traditional finance, consumer protections, insurance, and reversible transactions provide safety nets that simply don't exist in decentralized systems. For retail investors, the message is clear: crypto's high-reward potential comes with equally high responsibility. There's no customer service number to call when things go wrong, no Federal Deposit Insurance Corp. insurance to recover lost funds, and no 'undo' button for mistaken transactions. As Ethereum continues evolving with layer-2 solutions and upcoming upgrades, the network becomes more user-friendly. However, Grogan's data suggests that until self-custody becomes as foolproof as traditional banking, billions more in digital assets may join the ranks of the permanently lost. The crypto revolution promised to democratize finance, but it also democratized the risk of human error—and the consequences have never been more expensive. Read Next: A must-have for all crypto enthusiasts: . Image: Shutterstock This article A Coinbase Director Tracked Down 913,000 'Lost Forever' Ethereum Tokens Worth $3.4 Billion—Here's What Happened originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved.
Yahoo
28-07-2025
- Business
- Yahoo
A Coinbase Director Tracked Down 913,000 'Lost Forever' Ethereum Tokens Worth $3.4 Billion—Here's What Happened
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. The crypto world's 'hodl' philosophy just got a reality check. According to shocking new data from Coinbase (NASDAQ:COIN) Product Director Conor Grogan, over 913,000 Ethereum tokens—worth approximately $3.4 billion—have been permanently lost due to human errors, technical bugs, and coding mishaps. That's nearly 0.76% of all circulating ETH that will never see the light of day again. The Billion-Dollar Oops Moments The data reveals a sobering truth about cryptocurrency's unforgiving nature. Unlike traditional banking where transactions can be reversed and funds recovered, blockchain's immutable ledger means that one wrong click, one coding error, or one forgotten password can erase fortunes forever. Don't Miss: Be part of the breakthrough that could replace plastic as we know it— — no wallets, just price speculation and free paper trading to practice different strategies. The biggest single loss? The Parity Wallet bug that trapped over 513,000 ETH – worth roughly $925 million at current prices – across 178 wallets. This 2017 incident occurred when a user accidentally triggered a self-destruct function in a critical smart contract, locking away funds from multiple users permanently. Other notable casualties include the Web3 Foundation's loss of 306,000 ETH and the Quadriga exchange disaster that saw 60,000 ETH disappear into a faulty contract. Even more puzzling: users have collectively sent 24,000 ETH to burn addresses for reasons that remain unclear—digital money literally thrown into the void. The Hidden Ethereum Deflation Story While Ethereum's transition to proof-of-stake was marketed as an environmental victory, Grogan's research reveals an unexpected side effect: accidental deflation on a massive scale. The 913,000 ETH in permanently lost tokens, combined with the 5.3 million ETH burned through network fees, means over 6.2 million coins—roughly 5% of all ETH ever issued—are now permanently out of circulation. Trending: Grow your IRA or 401(k) with Crypto – . This creates an intriguing economic dynamic. Traditional economists worry about deflation in fiat currencies, but in crypto, permanent token loss effectively reduces supply, potentially supporting long-term price appreciation for remaining holders. The Real Number Is Likely Much Higher Grogan's $3.4 billion figure only scratches the surface. His analysis exclusively covers provably lost ETH—tokens trapped in identifiable smart contracts or sent to known burn addresses. It doesn't account for the potentially millions of dollars in ETH sitting in wallets where private keys have been lost, forgotten, or destroyed. Consider the early adopters who mined or bought ETH when it was worth pennies, stored it on old hard drives, and later forgot about it until prices skyrocketed. Or the investors who passed away without sharing wallet access with family members. These 'zombie wallets' could contain vast sums that appear active on the blockchain but are functionally dead. The data also excludes Genesis wallets—early Ethereum addresses that received tokens during the network's 2015 launch but have never moved their funds. Many of these are presumed abandoned, representing additional unreachable This Means for Investors For current ETH holders, this permanent supply destruction creates a complex investment thesis. On one hand, reduced supply typically supports higher prices over time. On the other hand, the data serves as a stark reminder of cryptocurrency's technical risks. The research highlights why institutional adoption has been slow and why many traditional investors remain skeptical. In traditional finance, consumer protections, insurance, and reversible transactions provide safety nets that simply don't exist in decentralized systems. For retail investors, the message is clear: crypto's high-reward potential comes with equally high responsibility. There's no customer service number to call when things go wrong, no Federal Deposit Insurance Corp. insurance to recover lost funds, and no 'undo' button for mistaken transactions. As Ethereum continues evolving with layer-2 solutions and upcoming upgrades, the network becomes more user-friendly. However, Grogan's data suggests that until self-custody becomes as foolproof as traditional banking, billions more in digital assets may join the ranks of the permanently lost. The crypto revolution promised to democratize finance, but it also democratized the risk of human error—and the consequences have never been more expensive. Read Next: A must-have for all crypto enthusiasts: . Image: Shutterstock This article A Coinbase Director Tracked Down 913,000 'Lost Forever' Ethereum Tokens Worth $3.4 Billion—Here's What Happened originally appeared on
Yahoo
13-07-2025
- Business
- Yahoo
Long Dormant Bitcoin Wallets Wake Up For The First Time In 14 Years, Move $8.6B In Bitcoin : What's Going On?
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. A series of massive Bitcoin transfers has shaken the cryptocurrency industry, leaving a trail of questions and wild theories. Last week, several cryptocurrency trackers flagged the transfer of a staggering 80,000 BTC worth $8.6 billion in eight different transactions of 10,000 BTC from a single entity. These transactions are particularly interesting because it is the first time these assets have been moved in over a decade. Don't Miss: Warren Buffett once said, "If you don't find a way to make money while you sleep, you will work until you die." Here's , starting today. $100k+ in investable assets? – no cost, no obligation. According to cryptocurrency intelligence platform Arkham, these assets were last moved between April 2, 2011 and May 4, 2011. At the time, the asset was trading for less than $1. 'In 8 years of analyzing Bitcoin, I've never seen anything like this,' CryptoQuant analyst J.A. Maartun said, commenting on the move. What's going on? The answer depends on who you ask. According to Arkham, the transactions are likely just an address upgrade from the legacy Bitcoin address standard. The platform maintained that there was no indication that the entity was selling the asset despite sitting on an eye-popping 10.8 million percent profit. On the other hand, Coinbase (NASDAQ:COIN) Head of Product Business Operations Conor Grogan has raised a more sinister possibility. 'There is a small possibility that the $8B in BTC that recently woke up were hacked or compromised private keys,' he said. Trending: The secret weapon in billionaire investor portfolios that you almost certainly don't own yet. Grogan said the wallet owner appeared to initially test their wallet keys with a Bitcoin Cash test transaction before the Bitcoin transfers. He questioned why the entity had not also cleared their Bitcoin Cash wallets. 'Why wouldn't they also sweep these?' he said. 'This is all extreme speculation, but the movements are extremely odd here.' He highlighted that if it proved to be a hack, it 'would be by far the largest heist in human history.' Meanwhile, Ark Invest CEO Cathie Wood has speculated whether the transactions could be part of 'a government settlement deal,' citing the lack of an extended market reaction. 'The Bitcoin market stabilized fairly quickly, so could this block be part of a government settlement deal?' she said. 'Is it now part of a government Treasury?'In line with this theory, some have speculated that the transfers could be linked to early cryptocurrency investor Roger Ver, also known as Bitcoin Jesus. Ver has been fighting extradition to the U.S. after being charged with tax evasion and fraud. However, there is no evidence of any link to the Bitcoin millionaire. Chiming in, 10x Research suggested that the move was likely part of a broader trend of older Bitcoin whales offloading their holdings into the Trump administration-led market rally. The research outfit said this trend was the main reason the asset's rally has stalled. Meanwhile, the entity in question's Bitcoin wealth likely extends far beyond the recently moved 80,000 BTC. Grogan said that at one point in 2011, they had a single wallet that held 200,000 BTC, among the top five holdings of any wallet in history. According to Maartun, the entity still has over 120,000 BTC untouched. Despite the speculation, Bitcoin continues to hold steady at $108,000. Read Next: Over the last five years, the price of gold has increased by approximately 83% — Investors like Bill O'Reilly and Rudy Giuliani are . Image: Shutterstock This article Long Dormant Bitcoin Wallets Wake Up For The First Time In 14 Years, Move $8.6B In Bitcoin : What's Going On? originally appeared on
Yahoo
13-07-2025
- Business
- Yahoo
Long Dormant Bitcoin Wallets Wake Up For The First Time In 14 Years, Move $8.6B In Bitcoin : What's Going On?
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. A series of massive Bitcoin transfers has shaken the cryptocurrency industry, leaving a trail of questions and wild theories. Last week, several cryptocurrency trackers flagged the transfer of a staggering 80,000 BTC worth $8.6 billion in eight different transactions of 10,000 BTC from a single entity. These transactions are particularly interesting because it is the first time these assets have been moved in over a decade. Don't Miss: Warren Buffett once said, "If you don't find a way to make money while you sleep, you will work until you die." Here's , starting today. $100k+ in investable assets? – no cost, no obligation. According to cryptocurrency intelligence platform Arkham, these assets were last moved between April 2, 2011 and May 4, 2011. At the time, the asset was trading for less than $1. 'In 8 years of analyzing Bitcoin, I've never seen anything like this,' CryptoQuant analyst J.A. Maartun said, commenting on the move. What's going on? The answer depends on who you ask. According to Arkham, the transactions are likely just an address upgrade from the legacy Bitcoin address standard. The platform maintained that there was no indication that the entity was selling the asset despite sitting on an eye-popping 10.8 million percent profit. On the other hand, Coinbase (NASDAQ:COIN) Head of Product Business Operations Conor Grogan has raised a more sinister possibility. 'There is a small possibility that the $8B in BTC that recently woke up were hacked or compromised private keys,' he said. Trending: The secret weapon in billionaire investor portfolios that you almost certainly don't own yet. Grogan said the wallet owner appeared to initially test their wallet keys with a Bitcoin Cash test transaction before the Bitcoin transfers. He questioned why the entity had not also cleared their Bitcoin Cash wallets. 'Why wouldn't they also sweep these?' he said. 'This is all extreme speculation, but the movements are extremely odd here.' He highlighted that if it proved to be a hack, it 'would be by far the largest heist in human history.' Meanwhile, Ark Invest CEO Cathie Wood has speculated whether the transactions could be part of 'a government settlement deal,' citing the lack of an extended market reaction. 'The Bitcoin market stabilized fairly quickly, so could this block be part of a government settlement deal?' she said. 'Is it now part of a government Treasury?'In line with this theory, some have speculated that the transfers could be linked to early cryptocurrency investor Roger Ver, also known as Bitcoin Jesus. Ver has been fighting extradition to the U.S. after being charged with tax evasion and fraud. However, there is no evidence of any link to the Bitcoin millionaire. Chiming in, 10x Research suggested that the move was likely part of a broader trend of older Bitcoin whales offloading their holdings into the Trump administration-led market rally. The research outfit said this trend was the main reason the asset's rally has stalled. Meanwhile, the entity in question's Bitcoin wealth likely extends far beyond the recently moved 80,000 BTC. Grogan said that at one point in 2011, they had a single wallet that held 200,000 BTC, among the top five holdings of any wallet in history. According to Maartun, the entity still has over 120,000 BTC untouched. Despite the speculation, Bitcoin continues to hold steady at $108,000. Read Next: Over the last five years, the price of gold has increased by approximately 83% — Investors like Bill O'Reilly and Rudy Giuliani are . Image: Shutterstock This article Long Dormant Bitcoin Wallets Wake Up For The First Time In 14 Years, Move $8.6B In Bitcoin : What's Going On? originally appeared on Sign in to access your portfolio
Yahoo
05-07-2025
- Business
- Yahoo
$8B BTC Movements May Have Been Preceded by Covert Bitcoin Cash Test
Movements of bitcoin cash (BCH) took place amid the mysterious transfers of $8.5 billion worth of 'Satoshi-era' bitcoin late Friday. Conor Grogan, a director at Coinbase, flagged a suspicious BCH transaction of over 10,000 tokens (worth nearly $5 million at current prices) tied to one of the whale wallets hours before the main transfers began. The move raised the possibility that someone may have gained access to legacy private keys and quietly tested them before initiating the massive BTC movements. 'There is a possibility that the owner was testing the private key in a way that wouldn't get noticed,' Grogan posted on X. 'BCH isn't monitored heavily by whale-watching services.' Eight wallets that had been dormant since 2011 each transferred 10,000 BTC to new SegWit addresses on Friday, over 14 years after initially receiving bitcoin in what is now colloquially known as the network's 'Satoshi era.'None of the wallets have, so far, been linked to any known entity or company, but the timing, scale, and manual nature of the transfers have set off alarm bells. Grogan pointed out that only one BCH address associated with the BTC cluster was touched. 'Why not sweep the others?' he asked. 'It implies the actor may not have full access.' But the timing is uncanny: just one hour after the BCH test transfer, the first of the 80,000 BTC started to move — triggering the largest Satoshi-era bitcoin movements ever recorded. So far, the new bitcoin addresses haven't forwarded funds further or deposited them on exchanges. But the BCH test could indicate someone was probing before executing a coordinated transfer, possibly to avoid triggering whale alerts or spooking the market. Other theories extend from a private key leak to even a quantum computing attack. Bitcoin's early addresses, especially Pay‑to‑Public‑Key (P2PK) formats, expose public keys after their first transaction — once available, they become theoretically crackable using Shor's algorithm if large-scale quantum hardware materializes. (Dormant wallets that have never revealed their public key are safe even in a quantum future as no public key exists to reverse-engineer.) As such, the fact that only one associated BCH wallet moved during testing while the others remained untouched suggests limited access. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
