Ethereum 0x0 Wallet Currently Has More than $2M ETH and $15M Worth of Lost Other Cryptos
There are over $2m of Ether and more than $15m of tokens in Ethereum’s 0x0 address reveals Bitstamp. The largest amount of the cryptocurrencies were sent through a mistake and there is a possibility that the digital assets have been lost forever.
The Ethereum 0x0 address is among the most famous lost addresses which is at times used to burn tokens.
In the last couple of years, the address has been used in sending Ethereum (ETH) although mistakenly. Now, the address holds more that $2m of Ether and the cryptos will never be recovered.
DID YOU KNOW: The Ethereum 0X0 address, composed entirely of 0s, holds over $1 M in ETH from people sending it there by accident or mining blocks without specifying an address for the reward during Ethereum’s early days. This ETH is probably lost forever. #WednesdayWisdom 💡 pic.twitter.com/5xWJD7MnnY
— Bitstamp (@Bitstamp) June 12, 2019
The address is simple to cram as it has only zeros making it easy for people to send funds to it by mistake.
During the normative years of Ethereum, it was a common occurrence for miners to send funds to the address, albeit mistakenly, after failing to specify an address. This made the address more popular as a black hole and its popularity seems to be increasing among crypto worshippers.
Despite holding the high amount of cryptocurrencies, there are still high traffic of transactions coming in. Currently, the 0x0 address also attracts crypto based startups who want to burn tokens and has been labeled as a burner address.
The address has been linked to the genesis block which no one mines its making it inaccessible. This means that the funds in the address will never be recovered, therefore, approximately 7,672 ETH have permanently gone in thin air and the address is still receiving more funds.
A Pinata Address
At the moment, the 0x0 address can be referred to as a pinata. This means that the person who will succeed in developing computational power to open an encrypted personal key on the Ethereum blockchain will have all the funds in the address.
However, at the moment, this is impossible. It will take lots of time and resources before this can be done or it might never happen at all. For now, there is a heightened campaign to ensure that crypto enthusiasts are aware of the address to avoid making the mistakes.
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