Over 6.2 Million Ethereum Lost Permanently, Totaling $23.4 Billion, Reveals Coinbase Data

On July 21, Coinbase product director Conor Grogan disclosed that approximately 913,111 Ethereum (ETH), valued at around $3.43 billion, have been irretrievably lost due to user errors and code vulnerabilities. This figure represents about 0.76% of Ethereum’s current circulating supply. When combined with the 5.3 million ETH burned under the Ethereum Improvement Proposal (EIP)-1559 in 2021, the cumulative loss escalates to roughly 6.2 million ETH, equivalent to $23.4 billion or 5% of total supply. Grogan highlighted that this $3.4 billion figure pertains solely to permanently locked ETH and excludes cases where private keys are lost but remain theoretically recoverable. This data underscores the critical importance of robust security practices and highlights the tangible impact of protocol-level token burns on Ethereum’s supply dynamics.