One of the biggest exchanges in the world makes confusing moves that lead to a massive $ETH move
— worth tens of millions of dollars — to the Ethereum burn address. Even more surprisingly, it seems this substantial mishap has gone largely unnoticed until now.
The Ethereum burn address, also known as the null address, is essentially a black hole in the blockchain universe. It is an address where tokens can be sent but never retrieved, effectively removing them from circulation — hence the term"burning." Thousands of Kucoin deposit addresses sent $10s of millions of dollars of ETH to the Ethereum burn addressIf you've ever wondered why the null address has so much ETH in it, now you know
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