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In ethereum, does the contract hosting account (the account where the contract is deployed to) owns the ether that's being sent to the contract? If not then what if contract gets deleted, does the ether gets sent back or just disappear.

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yes,you can say that the contract owns its own ether. The only way a contract can be "deleted" is if it calls selfdestruct(target), in which case the remaining ether balance of the contract is transferred to the address given in target.

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