Coinbase _ unearths $320k in crypto, returns it to oblivious owner

2023-07-06 10:53:12

Conor Grogan uncovered $322,000 worth of dormant ETC and successfully returned it to its rightful owner, who did not know of the existence of these funds.

In a Twitter thread on July 5, Grogan, the head of product at Coinbase, shared the intriguing story highlighting how he has previously recovered substantial amounts for investors who had forgotten about or overlooked their crypto assets.

The situation arose from the Ethereum blockchain fork in 2016, which gave birth to Ethereum Classic. During this transition, individuals holding the standard ether on-chain were airdropped an equivalent amount of ETC, many of whom never accessed or utilized these newly acquired funds.

Grogan emphasized that forgetting about funds on the blockchain or neglecting to keep track of airdrops is not uncommon among investors. With a track record of assisting users in recovering their misplaced assets, Grogan embarked on the challenging task of locating dormant ETC wallets.

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Canadian teens impersonate Coinbase support, stealing over $4m in crypto The initial step involved examining the “ETC rich list” to identify accounts that had remained untouched. After identifying approximately 20 addresses holding over $250,000 worth of ETC, Grogan diligently investigated each to establish contact with the owners.

While most of his attempts proved futile, Grogan eventually stumbled upon an address starting with the prefix “0x475.” To his surprise, the wallet contained a cryptocurrency called “EOSDAC,” which had been airdropped to Ethereum holders in 2018.

Leveraging this newfound information, Grogan utilized the airdrop amount and the snapshot date to connect with the owner’s wallet.

To his surprise, Grogan unraveled an extensive history associated with the wallet. The individual who owned the 0x475 wallet had fallen victim to a 2019 hacking incident, resulting in the loss of their life savings.

Subsequently, they had been embroiled in a legal battle with their cybersecurity provider and the crypto exchange Bitfinex. Through further investigation, Grogan was able to ascertain the owner’s legal name linked to the ETH address.

Subsequently, Grogan contacted the unsuspecting owner, who expressed astonishment upon learning about the existence of the funds.

“Hopefully, I made his day,” said Grogan.

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