Developer: blocked $9000 in Ethereum (ETH) – The Cryptonomist

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By Stefania Stimolo – 4 Aug 2023
On Twitter, a bizarre story is circulating about an Ethereum developer who allegedly “accidentally” blocked 5 ETH (the equivalent of $9,000 at the time of writing) for 100 years in order to create his first TEST token.  However, according to some, the story is being made public just to attract attention. 
Summary
Twitter is buzzing about the bizarre story of the Ethereum developer who allegedly accidentally blocked 5 ETH (or $9,000) for 100 years while working on the creation of his new TEST token. 
On the 4chan forum, in fact, the developer allegedly created a post asking for help in creating his first ERC-20 token and blocking it. From there, then, the actual creation of TEST on the Ethereum mainnet took place. 
Soon after, a user would have suggested that the developer use UNCX Network, a protocol for blocking liquidity tokens. 
And so the developer allegedly decided to add 5 ETH and 1 billion TEST tokens as liquidity on Uniswap’s DEX, receiving 70,700 LP tokens in return. These LP tokens can be redeemed for the underlying liquidity. 
After that, following the suggestion, the Ethereum developer would have locked his LP tokens, using the UNCX Network protocol, but putting 31 December 2123 as the expiration date. 
This means that for 100 years, the tokens are no longer accessible and cannot be used to redeem the original ETH or the locked TEST tokens on Uniswap.  
After revealing that he had locked $9,000 in ETH for 100 years by posting related links, other 4chan forum users pointed out that the TEST token was growing. 
And indeed, TEST soared initially to $0.006, reaching a market cap of $6 million. 
Soon after, its price dropped to as low as $0.0014 with a market cap of $1.5 million.
However, not all users are convinced of the “accidental mistake” of the developer of TEST. On the contrary, some reportedly questioned the whole affair, claiming that it was a move to attract attention.
First among them, on 4chan, is a user who commented “This is not testnet ser,” probably based on the idea that funds have been locked for too long. Then came the tweets that continued to spread skepticism about the story. 
The spread of these stories among Ethereum developers, contribute in some way to talk about the smart contract crypto par excellence. 
And so, taking a look at the price of ETH, the monthly chart, shows that there is a slight bear market of the second largest crypto by market capitalization. 
At the time of writing, ETH is worth $1830. Far from the $2,022 touched on 14 July. Despite this slight drop in price, there are those who argue that for this second part of 2023, the situation will be different.
In fact, Finder recently published its prediction on the price of Ethereum, revealing that in 2023, ETH is expected to peak at $2,700, and then end the year around $2,400.
Graduated in Marketing and Communication, Stefania is an explorer of innovative opportunities. She started out as a Sales Assistant for e-commerce, and in 2016 she began to develop a passion for the digital world, initially in the Network Marketing sector, where she discovered and became passionate about the ideals behind Bitcoin and Blockchain technology, which lead her to work as a copywriter and translator for ICO projects and blogs, and organize introductory courses.
Crypto Advertising – 4 Aug 2023
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