The lost coins correspond to 0.5% of all currently circulating ETH, and is just a small portion of all funds in Ethereum that are now unrecoverable.
Cryptocurrencies, in general, have self-custody as their main feature, so the responsibility for the management of funds lies mainly with the users themselves. This implies, on the one hand, that no third party, such as an entity or government, always has control over the assets; but, on the other hand, it means an enormous responsibility for the holder, since any mistake could result in the loss of the funds.
Emphasizing the latter, a report published this week claims that more than USD $1.1 billion in ETH funds, Ethereum's native digital currency, have been lost. And this figure, which corresponds to about 0.5% of the circulating supply of that cryptocurrency, is just an estimate of the losses caused due to human error.
A fortune in ETH has been rendered inaccessible
The information was shared by Coinbase's director of product strategy and business operations, Conor Grogan, who reported that at the time of publication of his report an estimated 636,000 ETH, valued at more than USD $1.15 billion, had been rendered completely inaccessible, which he is sure will never reach any crypto exchange.
What do you think about these developments?
Posted using SoMee