Data shows 40 million people holding 0.0005 Dust ETH, losing $11 million in tokens according to CoinEdition

© Reuters data shows 40 million people holding 0.0005 Dust ETH, losing $11 million in tokens
  • Over 40 million ETH wallets hold less than 0.0005 ETH.
  • By implication, 6242 ETH worth $11 million is out of circulation.
  • Over $1.15 billion ETH is permanently lost due to typos, user errors, and faulty contracts.

Conor Grogan, director of cryptocurrency exchange Coinbase (NASDAQ:), recently discussed some fascinating statistics about Ethereum wallets and the number of ETH tokens held in them.

Grogan cites data from an analytics firm highlighting that over 40 million Ethereum wallets hold less than 0.0005 ETH, about $0.9. By implication, there is about $11 million in Ethereum, equivalent to 6242 ETH, that is not in circulation, as the amount is too small to have transactional or exchange value.

Furthermore, around 80 million wallets hold ETH worth less than $18, representing 35% of the total number of unique addresses accumulated on the Ethereum network, according to data shared by the Coinbase director. Despite the small number in these wallets, in total they are worth more than $230 million, which corresponds to 126 thousand ETH tokens.

In another Twitter thread, the crypto researcher revealed cases in which 636,000 ETH worth $1.15 billion was lost forever due to typos, user errors, and faulty contracts, accounting for about 0.5% of the total circulating supply of ETH tokens.

The most significant loss in the Ethereum ecosystem includes the Web3 Foundation, which has 306k ETH, $538 million, trapped due to the Parity Multisig bug; Quadriga lost 60k ETH, or $108 million, due to a faulty contract. It also includes people who collectively sent $43 million to a burnt address for unknown reasons.

Interestingly, the over $1.1 billion Ethereum lost recorded above does not include instances of private key loss or forgotten Genesis wallets, according to the researcher. ETH trades at $1,801, up more than 6% over the past week.

The post Data showing 40 million people holding 0.0005 Dust ETH, earning $11 million in lost tokens appeared first on Coin Edition.

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