Developer accidentally locked 5 Ether (ETH) for 100 years
Date: 2023-08-05 Author: Karina Ziganova Categories: CRYPTO PAYMENTS, IN WORLD
A developer creating his first test token on the 4chan forum accidentally locked five Ether (ETH) (about $9,000) for 100 years, thinking he was using funds to test on the Ethereum testnet.
After the story hit social media, the market cap of the test token rose to $6 million and then dropped by 70%. It started after a developer posted a post asking for help creating their first ERC-20 test token and blocking it. Shortly thereafter, the Test (TEST) token was created on the Ethereum mainnet.
Then one 4chan user suggested using the UNCX network, a protocol for locking liquidity tokens. He added five ETH and 1 billion test tokens as liquidity to the Uniswap decentralized exchange protocol. In return, he received 70,700 liquidity provider tokens.
After that, the developer blocked the tokens using the UNCX network protocol. They set a blocking period until December 31, 2123. Therefore, access to these tokens will not be available until this date, and therefore cannot be used to buy back ETH and test the tokens.
Test token growth
When the story of the unknown developer became popular, his test token skyrocketed in price, to $0.006 with a market cap of $6 million. However, its price later dropped to $0.00114 with a market cap of $1.5 million.
However, some users suggested that this was all a deliberate ploy to get attention. They drew an analogy with the BALD memcoin, the price of which rose several times and then collapsed after the developer withdrew all the liquidity.
What happened to BALD
Last week, BALD garnered significant attention in the crypto space, at its peak with a market capitalization of $85 million. However, the sudden outflow of liquidity caused the coin’s price to plummet to near zero, resembling the signs of a rag pull.
Later, users on Twitter suggested that the creator of the now collapsed FTX crypto exchange, Sam Bankman-Freed, could be behind BALD. In particular, one of the traders noticed that the address that deployed the smart contract for the BALD token on the Base sidechain received large transfers in ether (ETH) from the FTX wallet.
