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$1B Ethereum Gone “Forever”; Here’s How

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Ethereum tokens worth more than $1 billion have been trapped for eternity on account of typos, user errors, and buggy contracts.

This has been revealed by Coinbase’s director of product strategy and business operations, Conor Grogan.

I’ve categorized thousands of instances of Ethereum typos, user errors, and buggy contracts Thus far I’ve found 636,000 ETH worth $1.15B+ that are lost forever: 0.5% of all circulating supply Crypto can be hard sometimes. On the flip side, that’s a lot of ETH that cant be sold.

Among the reasons for the trapped tokens include the Parity Multisig wallet bug, which caused the crypto exchange Quadriga to lose 60K tokens [$108 million] owing to a flawed contract.

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$1B Ethereum Gone "Forever"; Here's How 2

In addition, a flawed smart contract rendered $34 million worth of Ethereum permanently inaccessible during Aku Dreams’ much-hyped NFT launch Akutars, a year ago.

Aku Dreams is a 3D avatar NFT collection based on the original character Aku by Micah Johnson, the Major League Baseball player.

Also, there was another incident where “people have collectively sent 24k ETH to a burn address for some reason”. So, in total, Web3 foundation lost 306K ETH which is valued at over $530 million, Grogan added.

To recall, in Jan 2022, a Reddit user who wished to remain anonymous [now-deleted post] was said to have lost close to $500k after sending wrapped Ether [wETH] into a wETH wrapping smart contract.

Typically, users first send ETH to the wETH smart contract address in order to wrap it, and they will then receive an equivalent token in return.

To unwrap it, users must either use the withdrawal function in the wETH smart contract or exchange wETH for ETH on a decentralized exchange like Uniswap.

Here, the anonymous Reddit user transferred the wETH directly into the wETH smart contract address instead, in a bid to receive ETH back.

Actual Lost Figure Of Ethereum Tokens Could Be Much Higher

Unfortunately, this procedure is the equivalent of “token burning,” and it led to the trader’s crypto being lost forever.

Having said that, Coinbase’s Grogan also cautioned that the previously cited figure significantly underestimates the actual amount of lost or inaccessible ETH.

This is because it only accounts for situations in which Ethereum is permanently locked and ignores lost private keys or forgotten wallets, such as the infamous Genesis wallets.

Ethereum Primed For $2K As Price Reaches 7-Month High: Report

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Ethereum’s value has surpassed the $1800 range, last seen in Aug 2022. However, this 7-month price high did not translate into significant transaction obstacles as a result of excessive demand.

According to Santiment, this opens the door for a potential path to $2k and above. Further analysis revealed that ETH fees have fallen below $2 per transaction even after the price pump.

In the chart provided by the analytics platform, on March 19, gas fees dropped to $1.75 compared to $8.12 on March 11 when ETH’s price bottomed.

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Ethereum Primed For $2K As Price Reaches 7-Month High: Report 4

Santiment came to the conclusion that a price rally is imminent due to the absence of notable transaction barriers that are typical in times of high demand for an asset.

After a prolonged spell of a downtrend, ETH broke out on March 10, and the altcoin has been off to an impressive start ever since, leading to a sharp increase in its value.

Once it passed the $1,800 threshold, the leading altcoin rekindled bullish views and secured a large price increase.

But, the gains were shortlived because 18,657 ETH, or $33,130,425, according to market statistics, was transferred recently to the Binance exchange, worrying investors.

The move raised concerns about a potential sell-off, leaving the largest altcoin by market cap vulnerable to a decrease in value.

Ethereum Investors Brace For A Sell-Off

Normally, a whale’s movement of coins might convey its attitude regarding an asset. For instance, if a whale sells a large amount of Ethereum, it means that either they believe the asset’s price has peaked or that they no longer trust in its future potential.

The majority of investors, who are small-scale investors, might experience anxiety as a result, which might drive the price even lower.

On March 18, a transaction on the Ethereum blockchain was made with a transaction cost of just $1 from an unidentified wallet that is thought to belong to a wealthy whale.

Ethereum’s price fell by 2.53% from its previously reported value of $1,807 as a result of this transaction, according to statistics from cryptocurrency market tracker Coinmarketcap.

At the time of writing this post, ETH is exchanging hands at $1783, with a marginal increase in the last 24 hours.

That said, Ethereum’s core developers have set April 12 as the target date for the eagerly anticipated Shanghai hard fork.

The deadline- 10:27:35 UTC on April 12, epoch 620,9536 will be formally announced by developers on GitHub, TronWeekly reported.

Ethereum: Playboy Reports Loss Of Nearly $5M On NFT Earnings

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Playboy, a well-known adult publication, suffered an Ethereum impairment loss of $4.9 million due to the last year’s market-wide downturn.

In an annual filing, PLBY Group [PLBY], the parent firm of Hugh Hefner’s Playboy stated that it began accepting ETH for its NFT initiative called “Rabbitars” launched in 2021. As of last year, the value of the digital assets sits at $327,000.

The 70-year-old magazine company stated in the filing that it treats its digital assets as “indefinite-lived intangible assets,” which are liable to impairment losses if the fair value of the assets falls below their carrying value at any time.

The impairment losses on the digital assets cannot be recovered even if the fair value of the assets increases. The firm also reflected on the impact of Ethereum’s price volatility on its earnings.

The market price of one Ethereum in our principal market ranged from $964 – $3,813 during the year ended December 31, 2022, but the carrying value of each ETH we held at the end of the reporting period reflects the lowest price of one Ethereum quoted on the active exchange at any time since its receipt.

“Therefore, negative swings in the market price of Ethereum could have a material impact on the company’s earnings and carrying value, while the only time a rise in prices will impact the company’s earnings positively, is when the Eth held in the balance sheet, are sold at a gain,” the filing added.

In October 2021, at the height of the cryptocurrency market, the company announced the launch of its “Rabbitar” NFT project.

Ethereum Developers Released A Target Date For Shanghai Upgrade

Since October 2021, the value of Ether, the native token of Ethereum, has decreased by nearly 60%, per TradingView statistics.

Meanwhile, the much-anticipated Ethereum’s Shanghai hard fork now has a target date of April 12, as per an announcement made by its core developers in a meeting call.

The deadline- 10:27:35 UTC on April 12, epoch 620,9536 will be confirmed by developers on GitHub.

The Shanghai upgrade will facilitate validators to withdraw their staked ether as well as any incentives received from adding or approving blocks to the blockchain, transforming Ethereum’s entire shift to a proof-of-stake [PoS] network.

Ethereum’s Shanghai Upgrade Has Now A Target Date Of April 12

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The long-awaited Ethereum’s Shanghai hard fork now has a target date of April 12, thanks to its core developers.

The deadline- 10:27:35 UTC on April 12, epoch 620,9536 will be formally announced by developers on GitHub.

The Shanghai upgrade will ultimately allow validators to withdraw their staked ether as well as any incentives received from adding or approving blocks to the blockchain, transforming Ethereum’s entire shift to a proof-of-stake [PoS] network.

Not long ago, ETH’s last test run for the Shanghai upgrade- the Shapella hard fork was executed on the Goerli testnet, paving the way for staked ETH withdrawals.

For Shapella to be forked onto the Goerli testnet , it required 15 epochs, “terence.eth” stated since network participation was below the two-thirds threshold then:

Moreover, the final dress rehearsal encountered some issues. As reported by TronWeekly, there was a delay in the deposit process as several testnet validators did not update their client software prior to the Goerli fork.

Another developer of the Ethereum foundation Parithosh Jayanthi noted that once the issues with the validators running older versions of clients were fixed, the attestation rate increased and is at the moment finalizing.

Five Ethereum Improvement Proposals are included in the Shanghai mainnet upgrade, including EIP-4985, which would allow staked Ether withdrawals on the Beacon Chain and complete Ethereum’s switch from a proof-of-work [PoW] consensus to a proof-of-stake (PoS) consensus.

Due to its resemblance to bond interest payments, ETH’s switch to a PoS consensus where investors can “stake” their tokens in exchange for incentives has caught the attention of regulators.

Staking Ethereum Has Placed It Under Regulators Scanner

A new accusation from a New York state regulator has revived the legal discussion after SEC head Gensler proposed ETH be securities.

KuCoin, a cryptocurrency exchange based in Seychelles, is being sued by New York Attorney General Letitia James on March 9 for allegedly breaking the law by selling unregistered securities. Ether was named in the lawsuit as one of the unregistered securities.

State and federal agencies, like as the Commodities Futures Trading Commission, have long regarded Ethereum as a commodity.

The crypto market would be greatly affected by its designation as a security, which would fundamentally alter how [and whether] the asset and others like it are traded in the United States.

Final Test Run For Ethereum’s Shanghai Upgrade Completes

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Ethereum’s last test run for the Shanghai upgrade- the Shapella hard fork has been executed on the Goerli testnet, paving the way for staked ETH withdrawals.

This was announced by the ETH core developer Tim Beiko apprising the fork while also pointing out issues that came with it.

Beiko observed that several testnet validators did not update their client software prior to the Goerli fork, which caused a delay in the deposit process.

This again has its own challenge as there is “less incentive to run a validator/monitor it”, given that the Goerli ETH “is worthless”.

However, he still expects validators to make the necessary adjustments ahead of the fork on the mainnet.

Another developer of the Ethereum foundation Parithosh Jayanthi noted that once the issues with the validators running older versions of clients were fixed, the attestation rate increased and is at the moment finalizing.

“Mainnet comes next”, he exclaimed.

Also, for Shapella to be forked onto the Goerli testnet , it required 15 epochs, “terence.eth” stated since network participation was below the two-thirds threshold:

The final mainnet of the Shapella fork is expected to take place in early April following a few delays in preparing the Sepolia and Goerli testnets for the fork.

The Shanghai upgrade will ultimately allow validators to withdraw their staked ether as well as any incentives received from adding or approving blocks to the blockchain, transforming Ethereum’s entire shift to a proof-of-stake [PoS] network.

Ethereum’s Goerli Was The Last Of The Three Testnets

It needs to be told that Goerli was the most anticipated because it was the last of three testnets to run through such a simulation.

Also, Goerli was the final chance for staking providers to verify that staked ETH withdrawals would be handled correctly prior to the update going live.

In addition, this test has the most validators and closely mimics the activity on the Ethereum blockchain.

Before any changes are made to the mainnet, developers can repair any bugs on testnets, which imitate the main blockchain.

As reported by TronWeekly, on the client side of the consensus layer, the upgrade is referred to as Capella, while the fork is referred to as Shanghai on the client side of the execution layer.

The name “Shapella” have been derived from the combination of Shanghai, the location of Devcon 2, and Capella, the brightest star in the northern constellation of Auriga.

The ability for validators to return their staked Ether [stETH] from the Beacon Chain to the execution layer is one of the significant changes.

Ethereum Whales Adds $600M ETH In Recent Market Dip

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Large-scale Ethereum holders have been covertly adding 400k ETH tokens, each worth over $600 million, to their portfolios despite the current market downturn.

Last week, the crypto market was rocked by the events of the collapse of Silver Valley bank and Silvergate Capital, sending Bitcoin, Ethereum, and USDC prices to utter chaos.

The price of both the tokens has recovered much of its losses incurred last weekend after the U.S. government intervened to stop a potential banking crisis from spreading, while Circle’s USDC stablecoin has reclaimed its dollar peg.

Amidst all these, whales holding between 1,000 to 10,000 Eth units seemed unperturbed by the market turbulence, and continued their accumulation spree, as noted by crypto analyst @Ali_charts.

It is believed that this acquisition, played a key role in the current increase in Ethereum’s price.

At the time of writing this post, Ethereum is up by over 6% in the last 24 hours and over 8% in the weekly index. The 2nd ranked crypto is exchanging hands at $1689, according to data from CoinMarketCap.

Meanwhile, the ETH community has another reason to rejoice as the ecosystem is edging closer to its latest milestone.

The latest significant upgrade to the smart contract blockchain protocol will enable Ethereum’s Beacon Chain to accept withdrawals of ether.

Ethereum Inches Closer To Its Latest Milestone

The soon-to-be-launched modifications would include two updates that would happen simultaneously and be combined to cover every aspect of the upgrade.

Shanghai alludes to changes made to Ethereum’s execution layer, primarily making it possible to deposit staked ETH to execution layer wallets. The Beacon Chain, now known as Capella, must adapt concurrently with the Shanghai hard fork.

Explaining more on the combined upgrades at the execution and consensus layers, Justin Florentine, a staff protocol engineer for Hyperledger Besu at ConsenSys, said,

“It is doubly named because it is the first simultaneous upgrade of ETH’s execution layer and consensus layer, and is highly anticipated because it will enable staked ETH withdrawals.”

The highly anticipated Shanghai upgrade is slated to go live on the Ethereum mainnet in early April. The Shapella upgrade was completed on March 14 on the Goerli test network, which enables development testing prior to mainnet deployments, pushing the original timeframe from March 2023.

This Ethereum L-2’s DEX Stole $100K User Funds

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Ethereum’s first L-2 solution Arbitrium has come under the limelight after its newly launched DEX ArbiSwap is suspected to have rug-pulled users by removing over $100,000 from the platform’s liquidity pools.

Over the last 24 hours, ARBI tokens plummeted from $1.5 to worth a fraction of a cent at press time. On-chain data also shed light on the rogue developer’s action.

It showed around 1 billion fake tokens were minted, and then swapped for USD Coin [USDC] and then for roughly 69 ether [ETH].

According to reports, the fact that the liquidity pools were mostly under the control of developers might have made it easy to shut shop and escape.

For those new, Liquidity pools refer to the token pairs held by smart contracts on decentralized exchanges, with developers initially seeding both sides of a token pair.

Only $4 million was available on ArbiSwap in the early hours of Thursday morning in Europe, according to blockchain data from DEXTools. After the service’s February launch, its total locked value swiftly increased to $4.4 million [TVL].

Users’ immediate interest in ArbiSwap was probably sparked by the DEX, which touted offering holders of ARBI 100% of all revenue made on its platform in exchange for their ARBI holdings.

The above action is a classic rug pull: developers set up a functioning decentralized finance application, use social media to promote it, then create a token and list it on a decentralized exchange [DEX].

The developers close business, reduce liquidity, and vanish after investors buy the tokens in the hope of a profitable investment.

Another Ethereum NFT Project’s Action Sparks Rug Pull Claims

After earning more than $5 million in ETH in last year’s mint, Friendsies, an Ethereum NFT project by the venerable art team FriendsWithYou, has made an important announcement.

The team behind the Ethereum project announced recently that it would “halt” all future ambitions for the project before reportedly removing their Twitter account, which sparked claims of a “rug pull.”

Currently, some community members are putting out a plan to take over and carry on with the project.

The now-deleted tweet thread stated, “As the project founders, we have decided that it would be better to put a halt on [Friendsies] and all future digital items for the time being.

Ethereum Inches Closer To Its Shanghai Upgrade After Sepolia Fork

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Ethereum is heading closer to its Shanghai upgrade as the blockchain’s Sepolia testnet successfully upgraded to Shapella.

The Shanghai/Capella [also known as Shapella] network update has now been launched on Sepolia at epoch 56832, 4:04:48 AM UTC on February 28, 2023, following months of testing and an ephemeral devnet launch.

This upgrade follows the Merge and gives validators the option to return their stake from the Beacon Chain to the execution layer. Moreover, it gives the execution layer and consensus layer new features.

For those who are unfamiliar, Capella is the name of the upgrade on the consensus layer client side and Shanghai is the name of the fork on the execution layer client side.

The ability for validators to return their staked Ether [stETH] from the Beacon Chain to the execution layer is one of the significant changes.

The name “Shapella” have been derived from the combination of Shanghai, the location of Devcon 2, and Capella, the brightest star in the northern constellation of Auriga.

That said, the next action before the Shanghai fork goes live on the mainnet would be to release the upgrade on the Ethereum Goerli testnet, which is anticipated to start in March.

Meanwhile Ethereum developers have decided to phase out the testnet Goerli due to the unusual rise in costs.

Ethereum Goerli Testnet Will Be Shut Down- Developers

Over the weekend, [gETH], the native token powering the testnet, peaked by over $1.60 even reaching a market capitalization of as much as $15 million.

These tokens are intended to be free and distributed exclusively to testnet developers, who can use them to simulate transactions, smart contracts, and other operations before launching on the Ethereum mainnet.

A testnet’s asset being published on price-tracking websites alone is a sign that something is awry.

The issue is not new, according to Ethereum engineer Marius van der Wijden, who claimed that after over a year of debates on how to repair the GETH supply, the simplest answer was to allow Goerli “slowly die.”

“That’s the intention with all testnets, they should live for a few years,” van der Wijden said. “Afterwards it becomes increasingly hard to sync them, so it’s not of much use.”

Coinbase Launches Ethereum Layer 2 Network For Decentralized App Development

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Coinbase, the biggest cryptocurrency exchange in the US, recently announced the launch of Base, an Ethereum Layer 2 (L2) network. The platform aims to offer a safe, cost-effective, and user-friendly means for building decentralized apps, also known as “dapps,” on-chain. 

The goal of the network is to onboard a billion users into the world of cryptocurrency by providing an ecosystem that is accessible to developers. However, it will serve as both a platform for Coinbase’s on-chain products and an open environment for developers to build their own solutions.

The Details Of The Coinbase Base Launch

The testnet version of the Ethereum Layer 2 network was unveiled at ETHDenver by Jesse Pollack, Coinbase’s senior director of engineering. Pollack emphasized that Base was designed to be a platform that makes it easy for developers to build apps that users actually want to use. 

He also noted that the existing suite of the company’s developer tools would be integrated with Base. Unlike some other L2 networks, Base will not sport its own dedicated token. According to Pollack, “These networks don’t need tokens to be successful.” 

However, the new network will be integrated with consumer products from the company, such as Coinbase and its Wallet, and enable developers to access the 100 million-plus users in the Coinbase ecosystem with $100 billion in assets.

Furthermore, Coinbase and its venture arm, Coinbase Ventures, are taking steps to accelerate the growth of the Base platform by establishing the Base Ecosystem Fund.

This fund will provide investment opportunities for companies and organizations that are working to build on the Base platform, thereby fueling innovation and development within the ecosystem.

Pollack believes that Base will attract developers from various platforms and that many will eventually go multichain. He stated:

We expect there’s going to be many of these Layer 2s, and that’s why we’re building based on the OpenStack, that’s open source that anyone can use to run one of these L2s or roll-ups.”

The Base is a secure and scalable platform for decentralized apps that incorporates Ethereum’s security and Coinbase’s expertise. It simplifies dapp development by providing access to Coinbase’s products, users, and tools and enables multichain applications with easy-to-use bridges and gasless transactions. 

The platform aims to be decentralized, permissionless, and open to anyone, with the goal of creating a modular Superchain powered by Optimism. It also aims to bring billions of users into the crypto economy by adhering to core principles of interoperability and open-source availability. 

Related Reading | Binance Shifts To Semi-Automated System For Token Reserves Management: Report

Respect The Family. Like Bitcoin and Ethereum, Dogetti Is Building A Loyal Following

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Community plays a vital role in the realms of cryptocurrency. These communities exist to tell the world why a crypto project is worth investing in. A loyal community of users can build awareness of the crypto and create brand loyalty.

Essentially, communities become the foundation for the future of a cryptocurrency. Bitcoin and Ethereum are well-versed in maintaining an established community. Newcomer Dogetti, despite only being in the beginning of its presale, is already well on its way to building a family of like-minded winners.

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Respect The Family. Like Bitcoin and Ethereum, Dogetti Is Building A Loyal Following 8

The Dogetti Family Means Business

Dogetti (DETI) is the new presale making its houndish mark in the meme coin community. Despite still being in its early stages, its community-focused values and utilities are a surefire way to success. If you are looking to invest in an inclusive project that you can be a part of, Dogetti is the family-orientated crypto for you.

To mark its presale launch, a welcome code is currently being offered for early investors. By using the code WISEGUY25 users are entitled to an extra 25% of tokens upon their purchase. You do not want to miss out on the opportunity to join the toughest in-it-to-win-it crypto family.

Its reflection protocol will redistribute 6% of the supply with each transaction, shifting further wealth into the DeFi ecosystem. 2% of this will be distributed back among holders as a reward to the Dogetti family for holding with extra tokens. There is no time like the present to join the Dogetti family. If you are interested in being part of a loyal family, then what are you waiting for? image

  Bitcoin – Digital Gold At Your Fingertips

Bitcoin (BTC) is the first cryptocurrency and was created in 2009. Its peer-to-peer network operation was built for users to transfer money without having to go through centralised authorities. Its intricate mining procedure solves difficult mathematical puzzles and confirms transactions. Bitcoin is considered a scarce asset as it has a limited number of coins, 21 million, and is therefore dubbed “digital gold.” Bitcoin is likely to continue to operate as a store of wealth, as Bitcoin’s supply gets increasingly scarce.

  Ethereum – The Liquid Silver Of Cryptos

Ethereum (ETH) is often referred to as the liquid silver of cryptocurrencies. The crypto giant was developed in 2015 as a platform for building decentralised applications (dApps) and smart contracts. Since its birth, no end of cryptos have utilised the Ethereum platform. Ethereum is considered more adaptable than Bitcoin as it uses its own blockchain and has its own programming language. Ethereum has no fixed supply limit and there is an annual limit on the amount of ETH able to be mined.

Join the family that everyone is talking about and get a 25% bonus. Now that is an offer you can’t refuse. Use the offer code WISEGUY25 when you apply.

To learn more about Dogetti (DETI) click below

Presale: https://dogetti.io/how-to-buy

Website: https://dogetti.io/

Telegram: https://t.me/Dogetti

Twitter: https://twitter.com/_Dogetti_

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