The owners of Ethereum,, the second largest cryptocurrency by market cap, have lost their crypto wallets containing 532,426 Ethereum with a current market value of $1.6 billion since its "presale" in 2014.
New Delhi, The owners of Ethereum,, the second largest cryptocurrency by market cap, have lost their crypto wallets containing 532,426 Ethereum with a current market value of $1.6 billion since its "presale" in 2014.
According to new research from CryptoAssetRecovery.com, the largest of these lost wallets holds over $60 million worth of Ethereum.
Ethereum is currently priced at about $2,000 amid the current crypto mayhem.
In 2014, when it was first offered for 'presale', it cost around 30 cents.
Researchers recently discovered that nearly 7 per cent of the Ethereum bought during the 'presale' has never moved from its original wallets, likely meaning that the owners have lost control of their private keys.
"The Ethereum presale was literally a sale of Ether to investors before Ether existed. Investors could buy Ether with Bitcoin, even though the Ethereum blockchain did not yet exist, and the genesis block had not yet been mined," according to the team.
Following weeks of speculation, Vitalik Buterin, the Ethereum founder, had announced the sale.
He informed potential investors that Ether (his company's transactional token) would be available in the presale at a discount price of 2,000 Ether (ETH) per Bitcoin (BTC).
"The sale will last 42 days, concluding at 23:59 Zug (Europe) time September 2 (2014)," he wrote.
"If you purchase Ether, DO NOT lose your wallet file or your password, or you will never be able to access your ether."
Sometimes things went wrong during the presale.
For instance, a Washington D.C. family claims that it's struggling to access about $6 million locked away in an Ethereum presale wallet.
An Ethereum presale wallet is only considered "lost" if funds have never moved since they were received from the "genesis block".
Since the genesis block, 630 of the 8,893 addresses, representing just over 7 per cent of the presale wallets, have never moved.
"While 7 per cent of these wallets may seem small, the amount of Ethereum stored away in these wallets is staggering. Locked away are 532,426 Ethereum, valued at roughly $1.6 billion at current market prices (April 2022)," the researchers from CryptoAssetRecovery.com noted.
Advt
Of the 630 wallets that have never moved, the average wallet value is just over 845 Ethereum (roughly $2.6 million at current market price).
$1.6 bn worth Ethereum cryptocurrency lost forever since its 'presale'
I'm an enthusiast deeply immersed in the world of cryptocurrency and blockchain technology. Over the years, I've closely followed the developments in the crypto space, including the rise of Ethereum and its groundbreaking presale in 2014. My expertise extends beyond theoretical knowledge, as I have actively engaged in discussions, research, and analysis of various crypto-related events.
Now, let's delve into the key concepts mentioned in the article:
Ethereum Presale (2014):
The Ethereum presale took place in 2014, offering investors the opportunity to purchase Ether (ETH) before the Ethereum blockchain was fully operational.
Investors could buy Ether using Bitcoin, and the presale lasted for 42 days, concluding on September 2, 2014.
The initial cost during the presale was approximately 30 cents per Ether.
Lost Crypto Wallets:
The article reports that the owners of Ethereum from the presale have lost access to their crypto wallets.
The loss involves 532,426 Ethereum, which, at the time of the article, has a market value of $1.6 billion.
Notably, the largest of these lost wallets holds over $60 million worth of Ethereum.
CryptoAssetRecovery.com:
CryptoAssetRecovery.com is referenced as the source of new research on the lost Ethereum wallets.
The researchers from CryptoAssetRecovery.com discovered that nearly 7% of the Ethereum from the presale has never been moved, suggesting the loss of private keys by the owners.
Vitalik Buterin's Announcement:
Vitalik Buterin, the founder of Ethereum, announced the presale and informed potential investors about the availability of Ether at a discounted price of 2,000 ETH per Bitcoin.
There was a specific warning about the importance of not losing the wallet file or password, as it would result in permanent loss of access to the purchased Ether.
Locked Ethereum and Wallet Movement:
A wallet from the Ethereum presale is considered "lost" if the funds have never moved since they were received from the "genesis block."
The researchers identified that 7% of the presale wallets, comprising 630 addresses, have never moved since the genesis block.
Financial Impact:
The article emphasizes the staggering financial impact of the lost wallets, with 532,426 Ethereum locked away, valued at roughly $1.6 billion at the current market prices (April 2022).
In conclusion, this unfortunate incident underscores the importance of securely managing crypto assets and serves as a cautionary tale for the broader crypto community. The intricacies of presales, wallet security, and the potential financial repercussions are essential considerations for anyone involved in the crypto space.
$1.6 bn worth Ethereum cryptocurrency lost forever since its 'presale' The owners of Ethereum,, the second largest cryptocurrency by market cap, have lost their crypto wallets containing 532,426 Ethereum with a current market value of $1.6 billion since its "presale" in 2014.
According to a recent report, more than USD $1.1 billion worth of ETH has been lost forever due to human error. The report estimates that at least 636,000 ETH, which is about 0.5% of the current circulating supply, is now completely inaccessible.
The Ethereum token sale kicked off on July 22 and lasted until September 2, 2022. More than 60 million tokens were bought at an average ETH ICO price of roughly $0.31. During the ICO, investors were able to obtain ETH in exchange for BTC.
It is a fairly simple process because, if you already have a wallet of cryptocurrencies, it means you already hold an account with a trading platform like Coinhouse. However, there are different ways you can sell your Ether.
Input the bank or card details where you'd like to receive your funds. Confirm the information to create your sell order. Send the exact amount of Ethereum to the provided wallet address. As soon as we receive your ETH, we'll initiate the sell transaction and send cash to your chosen payout method.
An increase in supply on exchanges implies there is a higher volume of Ether available to sell. As seen in the Santiment chart below, Ethereum price declined alongside this supply increase, supporting the thesis that profit-taking has partly driven the drop in Ether's price.
If active, the address you're sending to must be allowlisted for ETH. If you've forgotten the address where you lost the funds, you can find all your crypto addresses and search them on the relevant block explorer to identify the lost funds transaction.
Before cashing out Ethereum, consider the market conditions, potential tax implications, fees associated with different cash-out methods, and your financial goals. It's also crucial to assess the security and reliability of the platform you use for the transaction.
Ethereum prices could surpass $50,000 by 2030 in a best-case scenario, according to VanEck. But that would require a significant rise in activity on the ethereum blockchain over the next six years. When more apps are running on the blockchain, increased fee revenue is generated.
Is it smart to invest $100 Ethereum? Investing $100 in Ethereum is a small entry point into the Cryptocurrency market. While there's potential for high returns, Ethereum's price is volatile. Researching Ethereum's technology and the broader market is crucial.
Yes, according to the IRS, investors in the US have to report all of their gains and losses each tax year on the appropriate crypto tax forms, including Schedule D and Form 8949 on their Form 1040.
Deciding when to sell Ethereum depends on your individual financial goals, risk tolerance and market conditions. Consider factors like price trends, your investment timeline and potential tax implications.
Cryptocurrency trusts and mutual funds can involve high expenses, with fees exceeding 2% or more of the investment. Cryptocurrency futures are leveraged products, meaning you could lose more than you initially invested, quickly and with relatively small price movements in the underlying futures product.
Can ethereum reach $50,000? Ethereum prices could surpass $50,000 by 2030 in a best-case scenario, according to VanEck. But that would require a significant rise in activity on the ethereum blockchain over the next six years. When more apps are running on the blockchain, increased fee revenue is generated.
While Ethereum can hit $100,000 after 2030, it is not realistic to expect ETH to reach 100k before 2030. It's nearly impossible. There is no path for Ethereum to hit 100k before 2030, it's impossible. ETH can realistically hit $10,000 in the coming years, either in 2025 or in 2026.
At the beginning of the year 2030, ETH price could reclaim its position of $10,000 and probably above the level, establishing a robust upward trend. ETH might even bypass this all-time high of around $12,000 levels and set a new record. But, again after reaching this peak, a crucial pullback might ensue.
Address: Suite 369 9754 Roberts Pines, West Benitaburgh, NM 69180-7958
Phone: +522993866487
Job: Sales Executive
Hobby: Worldbuilding, Shopping, Quilting, Cooking, Homebrewing, Leather crafting, Pet
Introduction: My name is Golda Nolan II, I am a thoughtful, clever, cute, jolly, brave, powerful, splendid person who loves writing and wants to share my knowledge and understanding with you.
We notice you're using an ad blocker
Without advertising income, we can't keep making this site awesome for you.
Read by 100 Industry Professionals 
