The director of product strategy and business operations at Coinbase said that more than $1 billion worth of ether was lost due to smart contract bugs and human error in the ecosystem.

Conor Grogan said that he analyzed thousands of different errors, during which ETH coins were irretrievably lost. In total, the specialist found that 636,000 ETH ($1.15 billion at current prices) are not available to users. This is about 0.5% of the total ETH in the market.

“I analyzed thousands of different typos, user errors, and buggy contracts,” writes a Coinbase top manager.

According to him, almost half of the coins, 306,000 ETH, were lost due to a software error in the Parity wallet in 2017. Another 60,000 ETH was lost by the already closed Quadriga exchange due to an error in the smart contact. 11,500 Ether was lost by the Akutars NFT project during the failed issue of collectible tokens. Ethereum users themselves lost 24,000 ETH – the funds were sent to non-existent or inactive wallets.

At the same time, Conor Grogan emphasized that at the time of the loss of assets, their value was much lower. However, he noted that his research covers only those coins that are permanently blocked. In reality, the volume of ETH, to which wallets have been accessed, is much larger, but such wallets cannot be determined.

Earlier, analyst Michael va de Poppe said that Ethereum could rise to $2,000 in the near future.