New record ! Over 10,000 ETH paid as a transaction fee just to move $130 of Ethereum !!

[Whited35 15285]

Getting surprised? But yes it is true😁 ! Someone just made a $2.6 million mistake on Ethereum. News was published on decrypt which suggests , someone has accidentally paid  all time highest gas fee to move 0.55 ETH to an address provided by Bithumb exchange where 10,668 ETH was paid as a gas fee to miner and fortunately,transaction was mined by SparkPool(One of the largest Ethereum mining pools in this world). SparkPool has just shared a tweet assuring like they are more likely to solve this problem.

I think there were some puzzling factors and user was intended to send over 10000 ETH with 0.55 ETH as a fee but accidentally switched the two fields.

 

 

On Ethereum blockchain, we are free to set transactions fees but really there is no reason to pay more than a few dollars. As there is no rebate or refund on the most of blockchain technology, my serious concern is what features should be added to overcome this type of problem in the future? 

 

News source:-https://decrypt.co/31830/someone-just-made-a-2-6-million-mistake-on-ethereum

[Whited35 15285]

4 minutes ago, Musa aliyu said:

This was a two times error it occurred again yesterday when the same amount was use to sent 85,000 ETH. By that same address. It is a mistake of the users. It might be that he is new to the system. And could be done to overcome such type to mistakes is if the Blockchain is tweak to set the maximum fee which can not be changed by the user or switched by the user.

 @Musa aliyu  Again he committed another mistake😜 ? I do not know about the new cases. If you have some official news sources about that, highly appreciated here. 

[Ridam 7455]

Well i am feeling pretty bad for the user that was doing the transaction, and there should be some sorts of regulation for the fees by simply making the maximum limit over which users can't go so that in future we don't see such serious issue.

[BTC Future 3946]

It happened two times. Initially I thought that it was some sort of money laundering operation, but from what I've read these wallets might belong to an exchange and some bug in their software might have caused this.

 

I am using this website to get information on gas occassionally:

https://ethgasstation.info/

 

The transactions with the large fees involved are these:

https://etherscan.io/tx/0xc215b9356db58ce05412439f49a842f8a3abe6c1792ff8f2c3ee425c3501023c

 

https://etherscan.io/tx/0xca8f8c315c8b6c48cee0675677b786d1babe726773829a588efa500b71cbdb65

Edited June 12, 2020 by BTC Future

[Iriswolfgang 200]

17 minutes ago, Whited35 said:

Getting surprised? But yes it is true😁 ! Someone just made a $2.6 million mistake on Ethereum. News was published on decrypt which suggests , someone has accidentally paid  all time highest gas fee to move 0.55 ETH to an address provided by Bithumb exchange where 10,668 ETH was paid as a gas fee to miner and fortunately,transaction was mined by SparkPool(One of the largest Ethereum mining pools in this world). SparkPool has just shared a tweet assuring like they are more likely to solve this problem.

I think there were some puzzling factors and user was intended to send over 10000 ETH with 0.55 ETH as a fee but accidentally switched the two fields.

 

 

On Ethereum blockchain, we are free to set transactions fees but really there is no reason to pay more than a few dollars. As there is no rebate or refund on the most of blockchain technology, my serious concern is what features should be added to overcome this type of problem in the future? 

 

News source:-https://decrypt.co/31830/someone-just-made-a-2-6-million-mistake-on-ethereum

It is not great to add for afee that high and I think that they should fix the problem with the payments and fees because  people are earning less with the fees that they are requiring but they should minimize it because people need to earn more

[Raqeebzy 6456]

I read the news two days ago on CoinDesk, the sender is said to have a balance of over $11 million worth of ETH. I believe since the transaction is mined by SparkPool and a similar situation has occured before, it might be corrected but reward might be split between the two parties.

[rekter 8129]

I am almost sure that this wasn't an accident. And it happened twice from the same account. I see some sort of coin washing trough the Sparkpool being more plausable explanation. Even one time was hard to believe to be an accident. This happening 2 times is just transparent.

 

I am more surprised why paying this kind of amount is even an option in ethereum.

[Calvinpriva 17296]

The owner of the address must be related to the wallet that he transfer his eth. He can't made two mistakes for a large amount like that, he holds many ethereum coins, it means that person his a related person to those networks and his a giant in eth.

[gourav789 2834]

this is really shocked me that sender pay a huge amount of Etherium as a transcation fees . I think there is a bug or some technical problems behind it. this is really first time I heard about this .

[Whited35 15285]

10 hours ago, gourav789 said:

this is really shocked me that sender pay a huge amount of Etherium as a transcation fees . I think there is a bug or some technical problems behind it. this is really first time I heard about this .

@gourav789 brother, what do you think where can it be such bug? 

 

9 hours ago, Majeshi said:

I agree with you bro! This makes me wonder because he made mistake twice with a lot of money! I also think this person will be a giant in eth and he has done those transactions not by a mistake.

@MajeshiThe same here. I just guessed there were some puzzling factors and also possible reasons are , 

• Error persists itself on ethereum blockchain
• System glitch on Ethereum wallet that user has used while making that transactions
• Possibly there was an attempt of money laundering 

[malik6314193 5449]

I am shocked to read the topic title. I am agree this will be system mistake. But it is very shocking that person didn't pay attention that he giving such a large amount for just gas fee. 

[Crypto123 0]

This is what they call the fatal mistake, poor man, it is certain that he is now in hospital because of this shock😪 !! I hope the SparkPool will solve this person's problem because surely this was done in error. This is a lesson for everyone to pay good attention to when sending any transaction and double check that everything is correct and fees.

[magd 5231]

These fees are very high, it is the first time that I see this happening, but it is possible to avoid this problem by using a blockchain wallet because I believe that there can be no such problems with it and I noticed that some members say that they were subjected to the same experience and therefore it is certain that a technical malfunction will be fixed

[Ndayebo8 0]

On 6/12/2020 at 6:38 AM, BTC Future said:

It happened two times. Initially I thought that it was some sort of money laundering operation, but from what I've read these wallets might belong to an exchange and some bug in their software might have caused this.

 

I am using this website to get information on gas occassionally:

https://ethgasstation.info/

 

The transactions with the large fees involved are these:

https://etherscan.io/tx/0xc215b9356db58ce05412439f49a842f8a3abe6c1792ff8f2c3ee425c3501023c

 

https://etherscan.io/tx/0xca8f8c315c8b6c48cee0675677b786d1babe726773829a588efa500b71cbdb65

This is very sad, I don't know how this transaction can be reversed because in cryptocurrency we can't reversed transaction when under process something need to be done. Like this I suspect it to be a bug I read the news yesterday of cause to transaction was made with same address there should be a support centre to reach complains and give suggestions on what could be the best techniques to solve this problem.

[CryptoLover21 0]

That is very huge amount and I don't think it's real for the first time when I saw this case but after I have read about this news then I believed. This is very bad and refunding policy for this type of mistake should be added in the blockchain technology.

[BTC Future 3946]

16 minutes ago, Ndayebo8 said:

This is very sad, I don't know how this transaction can be reversed because in cryptocurrency we can't reversed transaction when under process something need to be done. Like this I suspect it to be a bug I read the news yesterday of cause to transaction was made with same address there should be a support centre to reach complains and give suggestions on what could be the best techniques to solve this problem.

There was also a 3rd transaction that contained extremely high fees. I found it a little after I posted about the second one here. 

It contained more than 2000 ETH in fees.

https://etherscan.io/tx/0xfd10c9a4507c4ebf1db9f71e05ba8ea09f3603c9012c24195d731a1fadfa14d9

[Moaz 7239]

My God, I am really surprised to hear this news, that this person almost accidentally lost 10000 Ethereum as a fee for a transaction transfer of 0.55 Ethereum, but it seems to me that this person is one of the owners of large capital from cryptocurrencies and will be able to solve the problem

[Omar Ommeish 4872]

Yes, I read this news a few days ago, but I was not convinced that it could be this by mistake. This is almost impossible, and I hope it does not happen again because it is a huge loss.

[Whited35 15285]

2 hours ago, BTC Future said:

It contained more than 2000 ETH in fees.

https://etherscan.io/tx/0xfd10c9a4507c4ebf1db9f71e05ba8ea09f3603c9012c24195d731a1fadfa14d9

@BTC Future Looking extremely abnormal brother, now I have changed my mind that were certainly not the accidents ! What can be possible reasons here? K problem is itself persisting on Ethereum blockchain to handle bigger transactions or anything else ?

[Ndayebo8 0]

2 hours ago, BTC Future said:

There was also a 3rd transaction that contained extremely high fees. I found it a little after I posted about the second one here. 

It contained more than 2000 ETH in fees.

https://etherscan.io/tx/0xfd10c9a4507c4ebf1db9f71e05ba8ea09f3603c9012c24195d731a1fadfa14d9

This getting worst buddyI think something is going wrong with the blockchain something should be done about this to solve the problem if not many people would keep losing their money and the transaction is not reversible when it is solution to this problem. What do you think to your opinion that would solve the problem?

[BTC Future 3946]

12 hours ago, Ndayebo8 said:

This is very sad, I don't know how this transaction can be reversed because in cryptocurrency we can't reversed transaction when under process something need to be done. Like this I suspect it to be a bug I read the news yesterday of cause to transaction was made with same address there should be a support centre to reach complains and give suggestions on what could be the best techniques to solve this problem.

Some people think it might be a bug of some smart contract, but there are others that think that perhaps an exchange wallet was hacked, by someone gaining partial access to a system of an exchange but some failsafe limits the funds allowed to sent, so the hackers blackmail the exchange by burning millions of USD in funds. It is far-fetched but Vitalik did tweet about it yesterday.

[Ndayebo8 0]

7 hours ago, BTC Future said:

Some people think it might be a bug of some smart contract, but there are others that think that perhaps an exchange wallet was hacked, by someone gaining partial access to a system of an exchange but some failsafe limits the funds allowed to sent, so the hackers blackmail the exchange by burning millions of USD in funds. It is far-fetched but Vitalik did tweet about it yesterday.

I suspect this to be a bug and thesame time can be a hacked by hackers, I have followed the link and read up about the vitalik tweet and of cause he assured us that this  can probably be a hacked blackmailing the exchange in burnings millions of USD funds. Right now this is gotten to be the problems from the too suspected way of having that problem then what do you suggest about the way out of fighting this problem because I think this will still continue if  strict action is not taking.

[Dmasked 1840]

At first, i also thought that somebody made a grave mistake and lost millions on a single transaction but as it happened again, i suspect that there is a larger game at play. My theory is that it was done by a miner and whale to get avoid taxes and get tax exemptions. It happened more than once so i do not think it is a mere mistake.

[BrolySSJ 7899]

Wow this is ridiculous and such a large amount for a transaction fee. Hopefully hey are able to sort out this issue as if this gets out it is likely to deter people from the use of ethereum in their transactions. It was my understanding that people were actually doing better with ethereuem than with bitcoin, in terms of the transaction fees, but this does not seem to be the case. What is really surprising to me is that the people that were making the transaction did not check the transaction fee before approving the transaction, and that they had enough in crypto to cover that transaction fee.

[CryptoMaxim 3829]

On 12.06.2020 at 16:13, Adam Jerome said:

I read the news two days back on CoinDesk, the sender is said to have an equalization of over $11 million worth of ETH. I accept since the exchange is mined by SparkPool and a comparable circumstance has occured previously, it may be rectified yet prize may be part between the two gatherings.

If the sender has a large balance. There are two options. Either this translation was made by mistake or there is a hidden meaning in this translation. I can't give Any other explanation.