Coinbase director finds $322K in crypto for hack victim

After identifying multiple “rich list” Ethereum Classic addresses, a Coinbase director said he was able to track down one individual who lost hundreds of thousands of dollars in 2019


Ahmed Zaggoudi/Shutterstock modified by Blockworks


Conor Grogan, head of product business operations at Coinbase, said he has managed to locate $322,000 belonging to an individual who lost their life savings in a hack four years ago.

Grogan shared his findings on Twitter, explaining in a thread that during his investigation, he came across a “rich list” of Ethereum Classic (ETC) wallets that had “never touched their ETC balances.”

The Ethereum blockchain underwent a hard fork in 2016, resulting in the creation of ETC. Those who held ether (ETH) during the fork would have received an equal amount of ETC, but many people were unaware of this, according to Grogan.

Going through the list of accounts, Grogan said he was able to identify around 20 addresses holding more than $250,000 worth of ETC.

The next challenge lay in tracking down the owners. Traditional methods, such as tagging, were not particularly effective for 2016-era Ethereum. He noted that activities “that doxes people,” such as Ethereum Name Service, NFTs, and even Twitter, were limited at the time.

Grogan said he encountered “a number of dead ends” as many users had sent their entire balances to exchanges, leaving no digital trail to follow. 

Though the executive said he stumbled upon an address beginning with “0x475” that contained an unfamiliar crypto called “EOSDAC.” He later discovered holders of EOSDAC had received an airdrop on the Ethereum network in 2018 after registering their ETH addresses.

Blockworks was able to independently verify the address containing 16,999 ETC. 

By using the airdropped amount and the snapshot date, Grogan tweeted he was able to successfully connect the address to an EOS wallet linked to a $7.7 million hack back in 2019. 

“It turns out that the owner of 0x475 had their life savings stolen by a hacker in 2019 and was in a legal battle with their cybersecurity provider as well as with Bitfinex,” he said.

Grogan later managed to obtain the owner’s legal name associated with the ETH address after combing through legal filings. 

“I now had a doxxed name to link with the ETH address.”

Following his discovery, Grogan reached out to the wallet owner, who expressed astonishment, claiming they had no knowledge of the existence of the funds. 

Grogan declined an opportunity to be interviewed citing restrictions on discussing details with the media. 

The owner of the funds appears to have moved the recovered coins to a new wallet as of Thursday afternoon.

Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.


Upcoming Events

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Research report cover graphics (4).jpg


Despite crypto gaming related projects and funds raising close to a billion dollars in November 2021, there have been only a handful of games that have attracted users apart from mercenary capital, and have had sustained activity for longer than a few months. Crypto gaming is going through an infrastructure phase. Theoretically, crypto gaming stands to benefit from purpose-built, high throughput chains, where blockspace is cheap (especially for games which are fully onchain). However, despite the launch of many gaming-focused chains, most crypto games are lacking in quality and quantity. Most new crypto gaming infrastructure either have no games or only a few games launched (e.g. Xai) or have failed to garner meaningful attention (e.g. Immutable X).


We should support all politicians who oppose the Biden administration’s extreme efforts to kill the industry in the United States — regardless of party


Uniswap Labs said it’s ready to fight back if the SEC takes the crypto firm to court


WisdomTree has gotten FCA approval to list bitcoin and ether ETPs on the London Stock Exchange, the company said Wednesday


It’s ups and downs for Solana’s DEXs, with top players continuing to show diverse performances


The Trump campaign announced that people can make crypto donations in support of the former president


In a 43-page submission published Tuesday, Uniswap made its case to the SEC on why the regulator should not take legal action against them