$500M to Send to Ethereum Genesis Address by Mistake

Mistakes can cost you a lot, especially in the cryptocurrency world
05 March 2018   2167

Ethereum’s first address is 0x with 40 zeroes. It’s also a dangerous one that has been the unintended recipient of $6 million in ether and over $500 million in ERC20 tokens. This is reported by Bitcoin Com.

This address is really dangerous: just enter all the zeros and your ether or ERC20-tokens go to eternity. The situation is aggravated by the fact that some wallets specify this address by default and allow sending transactions to it if the user does not enter another address.

ETH Genesis Address
ETH Genesis Address

Is there any way to get the golem I sent to 0x0000000000000000000000000000000000000000 back? I was transfering my tokens from my ethereum wallet to my ledger nano s and forgot to input an address before hitting send. Ethereum wallet apparently sends to 0x0000000000000000000000000000000000000000 as a default. Has this happened to anyone else?

moderndayblues at Reddit

Another user states that he sent all his savings in the amount of 1 493 ETH to the same address. In just 3 years of the existence of the crypto currency, 750 transactions were sent to this address, containing 7,000 ETH ($ 6 million) and more than 200 varieties of ERC20-tokens worth $ 600 million.

Today, the genesis address of Ethereum stores 33,000 Aeternity, nearly half a million BAT, 9.5 million Bytom, 750,000 Golem, etc. If, in the case of bitcoin, the funds at the primary address are not recoverable due to the device of crypto currency and the disappearance of Satoshi Nakamoto, Ethereum users can expect a more successful outcome. If the creators of Ethereum have access to private keys from this address, they can return all funds to it to senders and create a smart contract that will do this automatically, however, the creation of such a system, apparently, is not yet included in the number their priority tasks.

Buterin to Propose Way to Speed Up ETH 2.0 Migration

Vitalik Buterin,creator of Ethereum, believes the eth1 system can exist as a zero shard in eth2 
25 December 2019   210

Ethereum founder Vitalik Buterin proposed a solution that allows you to quickly get rid of the Proof-of-Work (PoW) algorithm chain and move everything in Ethereum 2.0 to Proof-of-Stake (PoS).

According to him, the eth1 system can exist as a zero shard in eth2.

Validators who choose to participate in eth1 will be able to register as friendly. They are expected to support the full eth1 node in addition to the eth2 node.

A full eth1 node will load all blocks of the zero shard and maintain the updated state of the old circuit.

Buterin believes that his proposal does not make any changes to the planned procedure for the transition from eth1 to eth2. Only software for stateless clients and witness size changes in the eth1 protocol are required.