The Dark Side Of Crypto: Over 600,000 ETH Worth $1.15B Vanishes Into Thin Air

A combination of bugs and human error has resulted in the loss of more than $1.15 billion worth of Ethereum (CRYPTO: ETH), according to research conducted by Conor Grogan, who is the director of product strategy and business operations at Coinbase Global Inc. (NASDAQ: COIN). Grogan categorized thousands of instances of Ethereum typos, user errors and buggy contracts, and so far, he found 636,000 ETH worth $1.15 billion-plus that are lost forever, which makes up 0.5% of all circulating supply.

Timeline of Ethereum

Web3 gaming company Immutable has entered into a strategic alliance with Layer-2 blockchain platform Polygon to work on a project that will onboard more gamers and developers into the Web3 space.  Strategic Alliance Between Competing Networks The strategic partnership between the two leading companies in the blockchain space is focused on creating a new Ethereum scaling network to pair the upcoming Polygon zkEVM with the Immutable platform designed for web3 games.

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More than $1 billion of ether (ETH) has been permanently lost due to software bugs and human error. The revelation comes from a study by Conor Grogan, Coinbase's director of product strategy and business operations.

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