Old, dusty ETH wallet holds 400 MM

[Pekelo]

https://www.reddit.com/r/path%3D%252Fr%252FCryptoCurrency%252Fcomments%252F11cwgwv%252F

The take away from this story is that this guy lost 600MM by not cashing out on the top. At its height it was worth a cool billion. Probably the 400 MM is lost too... Very similar to BTC's 1 million unmoved coins.

 

[2rosy]

The take away from this story is that this guy lost 600MM by not cashing out on the top.

is that how you calculate PnL?

 

[Pekelo]

is that how you calculate PnL?

No but most people look at that wallet as holding 400 MM. I look at it as it used to have a billion.

If you reach 400 MM from 100 MM, that is a good thing. If you reach it from 1 B, not so much...

 

[Specterx]

The take away from this story is that this guy lost 600MM by not cashing out on the top. At its height it was worth a cool billion. Probably the 400 MM is lost too... Very similar to BTC's 1 million unmoved coins.

Almost certainly either died or forgot/lost access to his private key. I recall a media story about one guy who had $200mm near the peak. He used a hardware wallet which would self-destruct if you entered the wrong passphrase too many times; he had two tries remaining.

 

[Pekelo]

Almost certainly either died or forgot/lost access to his private key.

I agree. Unless the dude has 9 other wallets like that, it is lost. Future of money!

Slightly related:

How much Ethereum does Vitalik Buterin own?

Vitalik Buterin has a crypto wallet that holds $305,197,377 in different types of coins and assets, as of December 23, 2022. There are also 4119 NFTs in the wallet, although their exact value is unknown. ETH is the only significant crypto holding in Vitalik Buterin's wallet.Dec 28, 2022

So this wallet is just as big as Vitalik's (ETH being up 30% since December). 4K NFTs, the sucker...

 

[d08]

How many dead people out there with wallets forever lost?

 

[The_Krakenite]

4K NFTs, the sucker...

I am confused. How is Vitalik a 'sucker'? Especially since people gift him so many NFTs every year?

 

[Pekelo]

I am confused. How is Vitalik a 'sucker'? Especially since people gift him so many NFTs every year?

For one he could be drinking margaretas in Cabo or in Malta, instead of trying to make ETH, whatever his masterplan is. Charlie Lee is quietly enjoying his millions, instead of making half of the crypto fans angry.

But I assumed that he paid for the NFTs. If they were gifts, no worries. I may have to look up his take on NFTs...

Edit: looks like he was critical of them until he got criticized for it, then he took it back.

Anyhow ETH is a security, so he should cash out a decent chunk before the SEC comes after him.