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Ethereum’s [ETH] first address grosses 500 million USD by mistake

Santhosh M



Ethereum's [ETH] first address grosses 500 million USD by mistake
Source: Pixabay

Genesis Account is the first block to be mined when a new cryptocurrency is introduced. They are considered to be the foundation stone for the currency if that particular currency flourishes. This characteristic relates well to a spiritual symbol associated with the Genesis block.

We have seen many cases where Bitcoin users pay their reverent respect to Satoshi by transferring a small amount to Bitcoin’s Genesis block. In what is considered to be the biggest user blunder is the Genesis block of Ethereum which received 500 million USD due to user error.

Chris Bridget, a cryptocurrency enthusiast says:

“Most of the ‘value’ at that address is from burned tokens. Also, who in God’s name fat fingers 0, then another 40 times?”

The fact that Genesis block address of Ethereum is fancy enough to be remembered easily. It is just 0X followed by forty zeroes. As it is easy to remember, people either enter the address by mistake or they forget to enter an address at all, which means the transaction will be enabled to the default account.

The amount that is being transferred to the Genesis account shall not be refunded. There has been a lot of talks going on the social platform like where a community of people has asked the same question. There have been instances of entire savings of a user getting transferred to Ethereum’s default account.

A Reddit user answers to the victim’s Reddit question:

“you’ve got more of a chance of selling a snowball to an eskimo than you do of selling this contract, unfortunately. You can very easily recover the account after you sell it, which makes it so no one but a sucker will buy it. Good luck finding that sucker.”

The stats show that more than 700 transactions have been sent to Ethereum’s Genesis Account which includes 7000 ETH and about 200 ERC tokens amounting to 6 million USD and 517 million USD respectively. One cannot come to a conclusion that these many coins have been transferred by mistake.

Alexandro, another Reddit user says:

“Tltr: Selling Genesis mining account with 7.7th btc contract for around $700, fed up with company.”

The amount that is being held by Ethereum’s Account is estimated to be around 33,000 Aeternity, 750,000 Golems, 9.5 million Bytom and many more. The Genesis account absorbs tokens on regular basis imparting anguish on the user’s mistake. As the number of the Genesis Account of Ethereum is trivial, it is virtually impossible for it to generate a private key.

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Santhosh is a full-time reporter at AMBCrypto. He is an engineer with a major in Mathematics and Computer Science. He developed a key interest in the blockchain space and has been studying and researching about it ever since. He is currently authoring a book on Blockchain and its use cases in the Education domain. He currently does not hold any value in any cryptocurrency or its projects.

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Ethereum 2.0 migration is similar to a hard fork says, Blockstream’s Samson Mow




Ethereum 2.0 migration is similar to a hard fork says, Blockstream's Samson Mow
Source: Pixabay

Ethereum 2.0 project was designed to solve the scalability and consensus problems as Vitalik Buterin , the co-founder of Ethereum said. The much-anticipated rollout features revamp in terms of security, scalability, and decentralization which could not be introduced by means of a hard fork in the existing Ethereum network. According to Samson Mow, the Chief Strategy Officer of Blockstream, “migration of one chain to another, in the case of Ethereum 2.0, is similar to a hard fork”.

In the latest edition of Magical Crypto Friends, hosted by Whale Panda, a prominent figure in the crypto space, took a jibe at the network and stated that Ethereum is basically “dumping Ethereum 1 for Ethereum 2” which would require jumping from one chain to another and “starting from scratch”, and subsequently crop up issues of “potential bugs” on the network.

Responding to which, Mow said,

“You have to expect that everyone is going to give up their old Ethereum or you find a way to migrate it to the new chain. [..] you’re still expecting everyone’s going to migrate right if people don’t migrate then technically you would have the legacy chain alive “

Mow went on draw parallels to the upcoming Ethereum 2.0’s Beacon chain. According to the CSO of the Bitcoin startup firm, the Beacon chain, which is the central blockchain that is responsible for coordinating other Ethereum blockchains, is “similar to Bitcoin main chain”. He further compared the Ethereum’s “shards” to that of Bitcoin’s “side chains”. Following the comparison, Riccardo Spagni, aka Fluffy Pony ridiculed,

“so maybe the dream is to take existing stuff that someone invaded for Bitcoin, rename it, and then that’s how you make it real”

Mow, who is a Bitcoin bull, had earlier singled out Ethereum and said that the blockchain has “no future”.

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