Conor Grogan, the head of product at Coinbase, recently made a remarkable discovery. He found $322,000 worth of digital assets that belonged to an unsuspecting individual who was completely unaware of their existence. The funds had been transferred after Ethereum’s hard fork in 2016, leaving the owner clueless about their crypto stash. This fortunate twist of fate came to light when Grogan embarked on a mission to help individuals who may have forgotten or were unaware of their crypto holdings.

Unveiling Hidden Wealth

Coinbase’s director took to Twitter to announce that he had tracked down “6+ figures” for people who had either forgotten about their onchain funds or were oblivious to tokens they had received through airdrops. 

Grogan’s investigation led him to the realization that Ethereum’s hard forking event in 2016 had created an opportunity for individuals to accumulate substantial sums without even realizing it. During the protocol split into Ethereum Classic (ETC) and Ethereum (ETH), holders of Ethereum were credited with a 1:1 ratio of ETC, leaving many in the dark about the snapshot that had taken place.

One such person who benefitted from Grogan’s efforts is Twitter user Griff Green, who had 23 ETH but was unaware of their existence. With the price of Ether appreciating over the years, this forgotten stash is now valued at almost $45,000, representing a staggering 7,400% increase from its initial worth of $600.

The Elusive Discovery

However, Grogan’s most significant discovery was an account holding over $320,000 worth of Ethereum Classic (ETC). Unraveling the mystery behind this hidden fortune proved to be a challenging task. It was through the identification of a unique coin called EOSDAC, which was airdropped on Ethereum to EOS holders in 2018, that Grogan was able to connect the dots and find the fortunate individual.

Interestingly, the individual in question had not only fallen victim to a hacker in 2019, resulting in the loss of their entire life savings, but was also embroiled in a legal battle with the cryptocurrency exchange Bitfinex. This unexpected windfall could be seen as a stroke of luck amidst a series of unfortunate events. Grogan shared a screenshot of his conversation with the surprised owner, who expressed complete astonishment at the existence of these assets.

Acknowledgment and Appreciation

Grogan’s act of discovering and returning forgotten crypto assets garnered widespread praise from numerous Twitter users, who commended his efforts. Patrick Hillmann, the Chief Strategy Officer of Binance, was among those who applauded Grogan’s actions, recognizing the significance of his endeavor.

Ethereum Classic: The Original Ethereum

Ethereum Classic, despite being less popular than its counterpart Ethereum, holds a special place in the cryptocurrency landscape. It originated in 2016 following a major attack known as “The DAO hack.” The DAO, a decentralized venture fund utilized by Ethereum investors, was targeted by hackers who managed to steal approximately one-third of the assets, totaling over 11 million ETH.

The aftermath of the attack resulted in a split between Ethereum and Ethereum Classic, with the latter adhering to the principle of “Code is Law.” Ethereum Classic operates as an open-source, decentralized cryptocurrency platform that facilitates the execution of smart contracts. While Ethereum (ETH) dominates the market, Ethereum Classic (ETC) has been gaining traction lately, with its token price currently hovering around $20 and a market capitalization of less than $3 billion.

In conclusion, Conor Grogan’s remarkable discovery of $320,000 in crypto belonging to an unknowing individual showcases the potential hidden wealth within the blockchain ecosystem. Grogan’s dedication to helping individuals recover their forgotten assets serves as a reminder to stay vigilant and informed about one’s cryptocurrency holdings. This fascinating story highlights the impact of hard forks, airdrops, and the ever-evolving landscape of digital assets.

The post Coinbase Executive Detects $320K in Crypto Belonging to a ‘Stranger’ appeared first on Crypto Academy.

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Filed under: Bitcoin - @ July 15, 2023 9:42 pm