Coinbase’s head of product discovers $322,000 worth of lost digital assets belonging to someone unaware of their existence.
- Coinbase’s head of product, Conor Grogan, discovers $322,000 worth of digital assets belonging to someone unaware of their existence.
- The funds were transferred after Ethereum’s hard fork in 2016, and the owner had lost their life savings to hackers, leaving them unaware of the hidden assets.
- Grogan tracks down lost funds through careful investigation and connects with the rightful owners, including one individual with a stash worth over $320,000.
Conor Grogan, the head of product at Coinbase, recently made an incredible discovery. He found $322,000 worth of digital assets that belonged to someone who was completely unaware of their existence. These funds were transferred after Ethereum’s hard fork in 2016.
The owner of the crypto stash had previously fallen victim to hackers who drained their entire life savings. This unfortunate incident left them with no knowledge of the hidden assets.
I found $322k for a stranger who previously lost their life savings in a hack pic.twitter.com/K1gUqEkAPh
— Conor (@jconorgrogan) July 5, 2023
Grogan Tracks Down Lost Funds
Grogan took to Twitter to announce his success in tracking down lost funds. He mentioned that he had found “6+ figures” for people who either forgot about their funds or were unaware that they had received tokens through airdrops.
The reason individuals might have been unaware of the funds is because of Ethereum’s hard forking event in 2016. During this event, the protocol split into Ethereum Classic (ETC) and Ethereum (ETH), resulting in the need for users to claim their tokens.
“ETH forked in 2016; if you held a balance, you would get credited 1:1 the ETC. My thesis is that many people are not aware that they were in the snapshot,” explained Grogan.
One individual, Griff Green, discovered that they had 23 ETH that they were completely unaware of. With ether’s price appreciation over the years, their stash is now worth almost $45,000, which is a 7,400% increase from the original $600 value.
Grogan’s most significant discovery was an account holding over $320,000 worth of ETC. Although finding the owner was not an easy task, a unique token called EOSDAC led him to discover the lucky person. EOSDAC was airdropped on Ethereum to EOS holders in 2018, and through careful investigation, Grogan was able to connect the dots and identify the rightful owner.
Interestingly, this individual had also fallen victim to a hacker in 2019, resulting in the loss of their entire life savings. Additionally, they were involved in a legal battle with the cryptocurrency exchange Bitfinex.
Grogan shared a screenshot of the conversation between himself and the person in question, revealing their complete surprise at the existence of these assets.
Recognition for Grogan’s Act of Kindness
Many Twitter users praised Grogan for his efforts and the positive outcome. Among them was Binance’s Chief Strategy Officer, Patrick Hillmann, who showed appreciation for Grogan’s act.
Ethereum Classic: The Original Ethereum
Ethereum Classic is an open-source, decentralized cryptocurrency platform that allows the execution of smart contracts. Although less popular than Ethereum, some consider it the original version of the blockchain protocol.
The creation of Ethereum Classic in 2016 was a result of a massive attack known as “The DAO hack.” The DAO, a decentralized venture fund used by Ethereum investors, had accumulated over 11 million ETH. Hackers exploited vulnerabilities and managed to steal approximately a third of these assets.
While most DAO members supported restoring the stolen funds to investors, not everyone agreed. This disagreement resulted in the split between Ethereum Classic (adhering to “Code is Law”) and Ethereum.
Ethereum Classic has its own native token called ETC, which is currently valued around $20 with a market capitalization of less than $3 billion.