Nightmare Come True: User Pays $2.6 Million in Transaction Fees to Send $134 of Ether

A file ethereum transaction charge has been paid at present: $2.6 million to switch $134.

The person in all probability blended up the fields on the worth of the switch and the charge, finally paying 10,668 ETH in charges, or $2.6 million, on a transaction mined by Sparkpool.

A nightmare come true, the shopper despatched zero.55 ether, price $133.95, in accordance to a file of transactions broadcast on the Ethereum (ETH) community. The cash was despatched to an deal with on the South Korean crypto alternate Bithumb.

The funds could also be misplaced without end. Most blockchains are constructed to forestall transactions from being reversed as soon as the sender confirms it.

Furthermore, the charge could have since been distributed to the completely different miners underneath Sparkpool as a reward for processing transactions.

Sparkpool mentioned in a tweet on June 10: “We’re additional investigating the incident of unusually excessive tx charge…There might be an answer in the top.”

The Chinese language miner has beforehand repaid a person half of the two,100 ETH by accident paid as charges in a zero.1 ether switch.

There’s suspicion of underhand dealing, with some members of the Ethereum group alleging manipulation of the transaction by Sparkpool, or that it was an try at evading tax, or cash laundering.

Normally, the common ETH transaction charge is up greater than 637% since January, because the community turned congested due to a excessive quantity of transactions passing via it.

Transactional errors will not be unusual in the crypto business, however they don’t usually come as massive as the newest ether gaffe. In 2017, somebody paid 50 bitcoin (BTC) in transaction charges to ship slightly below 10 BTC.

Some analysts counsel that blockchain networks ought to give you the option to reject transactions if the charge exceeds the common highest charges of the earlier 10 blocks mined, simply in the identical means, say, the Bitcoin blockchain rejects charges which can be too low.

What do you consider errors in cryptocurrency transactions? Tell us in the feedback part under.

Tags in this story
Blockchain community, ETH, Ether community charges, Ethereum, Fees, Mining Reward, community, Community Fees, Sparkpool, Transaction error, Transaction Fees, txn charges

Picture Credit: Shutterstock, Pixabay, Wiki Commons

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