Crypto Developer Makes $6M Mistake, Locks Up Ether For 100 Years: Here's How It Happened
Portfolio Pulse from Murtuza Merchant
A developer experimenting with their first test token on 4chan mistakenly locked away five Ether (CRYPTO: ETH) for a century, causing the test token's market cap to rise to $6 million before dropping by 70%. The developer had intended to use testing funds on the Ethereum testnet, but instead launched the token on the Ethereum mainnet. The tokens are now inaccessible until December 31, 2123. The incident has been met with skepticism, with some speculating it was a calculated move to attract attention.
August 04, 2023 | 2:25 pm
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NEUTRAL IMPACT
The incident involving the locking of five Ether for a century caused a temporary spike in the market cap of the test token. However, the event is unlikely to have a significant impact on the price of Ether in the short term.
While the incident involved Ether, it was largely isolated to the specific test token created by the developer. The temporary spike in the test token's market cap does not directly affect the price of Ether. Furthermore, the skepticism surrounding the incident may limit its impact on investor sentiment towards Ether.
CONFIDENCE 80
IMPORTANCE 30
RELEVANCE 70