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Ethereum

Couple is locked out of millions: They can’t access $5.8M worth of Ethereum

Yuki and Art Williams, who purchased 3,000 Ethereum coins back in 2014, can not open their crypto wallet. According to the family, the JSON file that is essential for accessing their $5.8 million has not been downloaded.

In search for Help

According to the American media 7news, the Washington DC family Yuki and Art Williams possess 3,000 ETH coins in their crypto wallet. The wife and husband cannot see the assets and can not access them. The couple insisted that when they bought the assets in 2014, the JSON file was never downloaded. Art Williams stated:

” The instructions said to turn off your computer for at least an hour and half, and then wait until the progress bar indicated that the JSON file would be populating. Unfortunately for us, it did not appear.”

The wallet has $5.8 million. This is based on today’s prices. 7news was told by Mr. Williams that the Ethereum Foundation had promised to fix the problem and send him a backup JSON file. The family is still waiting.

In an attempt to access their funds again, the couple emailed the Foundation based out of Switzerland. They showed proof of purchase and took screenshots of the problem. 7news tried to contact the Ethereum Foundation, but was unsuccessful.

The family’s last move is to hire a Swiss law firm to open a case before a court in Switzerland. The attorneys would insist that the Ethereum Foundation grants a JSON file to this desperate couple.

“Devastating, to say the least. “That’s money that can change your life,” Mr. Williams.

The Man Who Lost Access to 7,002 BTC

Investing with cryptocurrencies is risky due to the volatility of the assets. Investors must also save and protect private keys. If someone loses their private key, it could cause irreversible damage. Such is the case with Stefan Thomas and his bitcoins worth more than $223 million.

As CryptoPotato reported earlier in the year, the resident of San Francisco produced an educational video called “What is Bitcoin?” for another crypto fan and received 7,002 bitcoins for his services.

But Thomas didn’t pay attention to his new holdings, as they had little to no value at that time. He lost the digital keys for the wallet. In the following years, though, BTC’s price exploded, and now the 7,002 coins are worth around $223 million.

The wallet IronKey gives users ten chances to guess their password. Thomas tried eight times so far to access the funds. None of them succeeded. If Thomas fails to access the funds ten times, his wallet will be permanently encrypted.

” I would simply lie down and think about it. The man said that he would then go to the computer and try a new strategy. It didn’t work and he would be desperate again.

To avoid any of these, it is highly recommended to take crypto security seriously. Make sure you always follow these .tips.

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Ethereum

Ethereum ‘Blobs’ Unleash Activity Reminiscent of Bitcoin Ordinals’ Early Days

Similar to the early stages of Bitcoin Ordinals, Ethereum users are creating inscriptions with the help of ‘blobs,’ which were introduced to the network as part of its Dencun upgrade on March 13.

This week saw the highest proportion of inscriptions among all blob postings, surpassing usage on Ethereum Layer 2 networks.

Ethereum Blobs Spark Flurry of Activity

According to data on Dune Analytics by a pseudonymous user ‘Hildobby,’ 2,437 blob inscriptions were recorded on March 27, which, interestingly, accounted for almost 23% of the daily blob postings. This level of activity even eclipsed prominent Ethereum Layer 2 options like Arbitrum, Optimism, Base, and Linea.

The concept of blob-carrying transactions was first introduced by EIP-4844. It was a crucial upgrade within Ethereum that aimed to slash transaction expenses, particularly on Layer 2 networks, while at the same time improving scalability via Proto-Danksharding.

Similar to Bitcoin Ordinals, where data is associated with the smallest unit of BTC, blobs essentially allow for the inclusion of data in Ethereum transactions. This is done without compromising block processing time and aligns with Ethereum’s ongoing efforts to optimize transaction costs on Layer-2 networks, a goal highlighted by the introduction of EIP-4844.

Enter ‘BlobScriptions’

Another breakthrough for the Ethereum ecosystem came in the form of the ‘BlobScriptions,’ which was introduced by the Ethscriptions protocol on March 27. BlobScriptions enable users to directly inscribe different forms of data onto blobs, ranging from JPEGs to text. This approach has sparked a flurry of activity.

In fact, BlobScriptions witnessed a surge in popularity within hours of its introduction, driving blob fees to unprecedented levels. Gas fees for blobs skyrocketed above 500 gwei, according to data from ‘ultra sound money,’ which was indicative of increased demand for this new method of data storage.

Despite the initial fee surge, BlobScriptions has attracted huge adoption, clocking in over 4,500 inscriptions since its introduction. Users are leveraging this technology to mint small pieces of text and images onto blobs.

It is important to note that blob data is stored on Ethereum nodes for approximately 18 days, after which it is removed from the network. However, the Ethscriptions indexer ensures indefinite storage of data in a bid to reduce concerns about data retention.

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Ethereum

Ethereum’s Vitalik Buterin Challenges Hype: Metaverse Is Still Misunderstood

Metaverse has gained tremendous traction over the past couple of years, grabbing the attention of large companies across the world.

But Ethereum co-founder, Vitalik Buterin, believes the concept of the Metaverse is still “poorly defined” and needs to have several elements to make it meaningful.

Dissecting Metaverse

During a Q&A session while speaking at the BUIDL Asia conference in Seoul, Buterin pointed out a common misconception in associating the Metaverse solely with virtual reality (VR). The Ethereum co-founder argued that VR often leads people to imagine complex environments, whereas the actual needs tend to be simpler.

He illustrated this by suggesting that what people truly desire is the functionality of a laptop without the physical device itself, essentially implying that while VR may have its utility, it doesn’t necessarily constitute a true Metaverse experience.

“To me, Metaverse is one of those things which are very poorly defined. Like a brand’s name more than a product. It feels like everyone has this abstract idea that there is a virtual universe that they can all participate in and that the virtual universe is not actually owned by anyone. But the challenge is that they often get connected to virtual reality.

But with virtual reality, the kinds of things that people actually need end up being much simpler. You basically want a laptop without a laptop. That’s super useful but not a ‘verse’.”

True Metaverse Fusion: Crypto, VR, AI

According to Buterin, a true Metaverse experience may emerge from combining existing virtual world elements, including certain aspects of crypto, virtual reality, and artificial intelligence, rather than from attempts to create a Metaverse-like environment directly.

“The thing that I expect most similar to a metaverse that actually makes sense is not something that tries to be a metaverse. But something that takes all of the different virtual world things that we already have including part of crypto, VR, AI and combining them together in the right way.”

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Ethereum

Nansen Reports $200 Million Exodus From Kucoin After DOJ Action

Following the Department of Justice’s (DOJ) legal action against Kucoin and its founders, analysts from Nansen specializing in real-time onchain data revealed that Kucoin experienced a withdrawal of $99 million in Ethereum-based assets and $109 million in outflows from various EVM-compatible chains. Ethereum and EVM Chains See $200 Million Outflow From Kucoin On a Tuesday…
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