Millions ‘Stuck’ in Bridge Contracts: Coinbase and Vitalik Buterin’s Wallets
Several prominent crypto individuals and entities are facing a problem with their crypto whale wallets, as their assets are stuck in decentralized finance (DeFi) bridge contracts. These whale wallets, which hold assets ranging from six to seven figures, have been stuck for several months or even years. One such example is Ethereum co-founder Vitalik Buterin, who has over $1 million worth of assets stuck for over seven months. According to a report by Arkham Intelligence, various whale addresses are affected, with funds stuck for up to two years.
DeFi bridge contracts are software protocols that enable the transfer of assets and data between different blockchain networks, promoting interoperability within the DeFi ecosystem. Not all DeFi bridges operate in the same way. Some cross-chain bridges automatically give users access to their assets on the other chain, while native bridges require users to manually retrieve their funds. This manual process may lead to situations where users forget about their money, leaving it stuck in the bridge contracts.
Among the affected wallets, one linked to thomasg.eth has had $800,000 locked in the Arbitrum Bridge for nearly two years. Another wallet associated with Bofur Capital holds 27 wrapped Bitcoin worth $1.8 million, stuck for over two years. A wallet connected to NFT user Mike Macdonald has approximately $117,000 in assets tied to CryptoPunks sales on a bridge contract.
Arkham Intelligence has reached out to the owners of these wallets, urging them to look into the matter. They reminded individuals that they might also possess the account that received the proceeds from the CryptoPunks sales if they owned the account that sent the CryptoPunks. A wallet that received 50 Ether from Vitalik.eth has been forgotten for seven months, holding almost $1 million worth of ETH in the Optimism bridge. Another wallet linked to the Coinbase crypto exchange contains $75,000 worth of assets that have been stuck for almost six months. Arkham suspects Coinbase may have attempted to bridge $75,000 worth of USDC to ETH but forgot about it.
Arkham Research has alerted the whales connected to these stuck and forgotten funds, urging them to retrieve their assets if they have forgotten about them. They also emphasized that these situations occur due to the nature of native bridges.
8 thoughts on “Millions ‘Stuck’ in Bridge Contracts: Coinbase and Vitalik Buterin’s Wallets”
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The negligence shown by these prominent crypto individuals and entities is astounding. They need to face the consequences of their carelessness.
Seriously, how can you simply forget about having millions of dollars stuck in a bridge contract? They should’ve taken better care of their assets!
It’s unbelievable that even Coinbase forgot about bridging their own assets. How can we trust such platforms with our funds if they can’t handle their own?
It’s disheartening to see such influential figures in the crypto space mishandle their own funds. They should set an example for others, not cause chaos like this.
Clearly, these crypto entities and individuals lack proper management skills. Leaving funds stuck for years shows how irresponsible they are!
The fact that some of these stuck funds are from NFT sales is even worse. It’s like throwing away money and not even realizing it. 🙄
If these crypto whales can forget about their assets so easily, maybe they don’t deserve to have them in the first place 🤔
The nature of native bridges can make it easy to forget about our funds, leading to these stuck situations. Stay vigilant and take the necessary steps to protect your assets! 💰