Coinbase Executive Tracks Down $322K Worth Of Forgotten Crypto Locked Away In Ethereum Classic Wallet
Portfolio Pulse from Mehab Qureshi
Conor Grogan, the Head of Product at Coinbase Inc, has tracked down and reclaimed $322K worth of dormant cryptocurrencies in an Ethereum Classic wallet. Grogan identified approximately 20 addresses holding more than $250,000 worth of Ethereum Classic and managed to contact the owner of one of them. The owner had their life savings stolen by a hacker in 2019 and was in a legal battle with their cybersecurity provider and Bitfinex.
July 06, 2023 | 7:01 am
News sentiment analysis
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NEGATIVE IMPACT
The news highlights the issue of dormant Ethereum Classic wallets, which could raise concerns about the security and management of Ethereum-based assets.
The news about dormant Ethereum Classic wallets could raise concerns about the security and management of Ethereum-based assets. This could potentially lead to a decrease in demand for Ethereum, negatively impacting its price.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 75
POSITIVE IMPACT
The news showcases Coinbase's commitment to security and customer service, which could positively impact the company's reputation and investor sentiment.
The news demonstrates Coinbase's proactive approach to identifying and reclaiming dormant wallets, which could enhance its reputation for security and customer service. This could potentially attract more users to its platform, thereby increasing its revenues and positively impacting its stock price.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100