$500M to Send to Ethereum Genesis Address by Mistake

Mistakes can cost you a lot, especially in the cryptocurrency world
05 March 2018   222

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.

Monetha is about to release first version of its wallet app

Monetha's MVP to be released on March 21 exclusively for MTH holders in order to make a significant step towards fully working decentralized trust and reputation system
23 March 2018   107

Starting from March 31 all of MTH token holders will gain exclusive access to Monetha wallet app - the MVP of the project. The release is considered to be Beta release, and approximately 10,500 of the users of the platform will become the first to test out the product. The app will be available on both iOS and Android.

The wallet itself is based on smart contracts and features

  • making/solving claims;
  • rating merchants;
  • writing reviews;
  • review of purchase history;
  • see clients' and merchants' trust ratings

The integration with Monetha through the app will allow merchants to accept Ethereum based tokens as a payment and then easily convert cryptocurrency into fiat currency. Monetha's mission is 'to develop and deploy the best transaction system that would be based on enforceable contracts without third party between consumer and merchants and a strong decentralised reputation management system'. Its solution is going to be universal, transparent, self-executing and transferable.

To the moment of the publication, Monetha's market parameters are as follows:

Average price: $0.102597

Market cap: $22,274,083

Volume (24): $435,208