The Story of Conor Grogan’s Recovery of Dormant ETC Funds
Conor Grogan, head of product at Coinbase, recently shared a Twitter thread highlighting his success in uncovering and returning $322,000 worth of dormant Ethereum Classic (ETC) to its rightful owner. Grogan has a track record of helping investors recover forgotten crypto assets.
Here are the key points of the story:
1. Ethereum Classic Airdrop: In 2016, during the Ethereum blockchain fork, individuals who held standard ether on-chain received an equivalent amount of ETC. Many of these individuals never accessed or used the newly acquired funds.
2. Forgetting about Funds on the Blockchain: Grogan emphasized that it is not uncommon for investors to forget about funds on the blockchain or neglect to keep track of airdrops.
3. Identifying Dormant ETC Wallets: Grogan examined the “ETC rich list” to identify untouched accounts. After identifying around 20 addresses holding over $250,000 worth of ETC, he investigated each one to establish contact with the owners.
4. Discovery of EOSDAC: Grogan stumbled upon an address starting with the prefix “0x475” and found that it contained a cryptocurrency called EOSDAC, which had been airdropped to Ethereum holders in 2018. This information helped him connect with the owner’s wallet.
5. Uncovering a Hacking Incident and Legal Battle: Grogan discovered an extensive history associated with the wallet. The owner had fallen victim to a 2019 hacking incident, resulting in the loss of their life savings. They had also been involved in a legal battle with their cybersecurity provider and Bitfinex.
Closing: Grogan’s successful recovery of the dormant ETC funds not only highlights the importance of keeping track of crypto assets but also the potential for unexpected financial relief for unsuspecting owners.
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