Crypto News – Over $1 million is purportedly stuck in the Optimism bridge belonging to Ethereum co-founder Vitalik Buterin.
Vitalik Buterin Stuck Funds: Buterin’s Over $1 Million in Assets Trapped on Optimism Bridge
$1.05 has remained stagnant for the last seven months in a wallet address that received 50 Ethereum (ETH) from Buterin’s unique Ethereum Name Service (ENS) address, vitalik.eth. Assuming these funds are indeed associated with Buterin, they only constitute a small portion of his enormous crypto holdings of $781 million.
Upon conducting an inquiry, Arkham discovered that a large number of cryptocurrency addresses have significant amounts tied up in bridge contracts. Several prominent companies, such as cryptocurrency exchange Coinbase and multiple DeFi whales, are associated with these addresses.
The Dangers of Moving Funds Between Decentralized Systems
For instance, $1.8 million in wrapped Bitcoin (WBTC) that has been trapped in the Arbitrum bridge for 27 months is connected to a wallet owned by Bofur Capital.
Bofur Capital’s 27 Bitcoin has been sitting in the Arbitrum bridge for over two years now, and is now worth almost $2 million,
Arkham
Moreover, the anonymous creator of Arrow, a decentralized air transportation system, Thomasg.eth, has $800,000 in ETH stashed away in the same bridge. The intricate and hazardous nature of handling funds across decentralized systems is demonstrated by the circumstances surrounding Vitalik Buterin and other individuals. It is possible that the owners of these wallets purposefully left their valuables inside these bridges. However, it is not negotiable that these funds could become stranded because of technical difficulties.
Leave a comment