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

[Iriswolfgang 200]

On 6/12/2020 at 1:36 PM, Ridam said:

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.

It is bad because the payment is so large and it was even larger than his actual transaction and I think that this is a very bad choice and decision to make because you are now earning less with the fees and that is not good for business 

[Whited35 15285]

On 6/14/2020 at 11:17 AM, Dmasked said:

 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.

Well, there can be possibly an involvement of hackers to make that transaction . According to Vitalik Buterin, he has also suspected like hackers may have got a partial access to victim's wallet to make that transaction. 

Edited June 15, 2020 by Whited35

[Cammer 4609]

Wow! That's such a huge number to waste on a transaction fee!

I have read the topic, but I didn't know the exact reason of this. Can anyone explain?

[Hala99 370]

That’s insanely crazy, i would like to know more when happened and keep us updated, or just give us you source to see how they solved it!

[Whited35 15285]

7 hours ago, Hala99 said:

That’s insanely crazy, i would like to know more when happened and keep us updated, or just give us you source to see how they solved it!

I think SparkPool(it has mined that transaction) is more likely to solve this problem. I am also waiting for updates since it is insanely unexpected transactions for me too. Stay tuned, if I get any updates regarding this issue, I will notify you here. 

[Iriswolfgang 200]

21 hours ago, Whited35 said:

Well, there can be possibly an involvement of hackers to make that transaction . According to Vitalik Buterin, he has also suspected like hackers may have got a partial access to victim's wallet to make that transaction. 

It is sad that he still made that transaction even though the price to pay is so huge and I think that it is not great also. I hope that they will stop in over pricing the fees that need to be paid so that people can transact great and earn more money than lose more

[Whited35 15285]

1 minute ago, Iriswolfgang said:

It is sad that he still made that transaction even though the price to pay is so huge and I think that it is not great also. I hope that they will stop in over pricing the fees that need to be paid so that people can transact great and earn more money than lose more

Over price is not looking intentional and I personally still believe like, those transactions were made by hackers themselves  after having partial access to the victim's wallet in order to threaten for the further loss. 

[Laboni 755]

It doesn't look very good to everyoneI think it could be a new strategy to scam In order to make money hackers are thinking of taking secret information by showing greed. That's why we all have to be careful and try to stay away.

[Whited35 15285]

23 hours ago, Jin12321 said:

Well that's horrible. That's very huge transaction amount. Can anyone tell me how is it possible?? Because I try to figure out how it happened. I usually use metamask to make a transaction with eth. But the transaction fee is automatically set up.

@Jin12321Hello, since the reason is still unknown but possibly , hackers may have gained a partial access to the victim's wallet to sweep that much amounts of transactions fee. Two similar transactions are occurred so something suspicious there. 

[TimopheyKa 3900]

I have seen this news, its post in various communities, as well as groups related to cryptocurrency! This is really amazing, I really don't understand if it was some kind of joke? Or maybe just someone decided to make a turnover for the exchange? - the administration of the site? This is really amazing!

[Virgil dijk 1431]

This is really bad and it's a very painful mistake, and the worste part of it is that he can't reverse the transaction back or even get his money back, I think this person is new to crypto and must have ignorantly made this mistake.

[DApp 1]

Honestly Network fee has been on higher side this days and see no reason why the gas fee (Network or miner Fee) should be higher that the amount to be transact. This is abnormal and when set manually the transaction become pending and eventually result to cancellation which also involve another network fee.  

[Whited35 15285]

8 hours ago, Virgil dijk said:

This is really bad and it's a very painful mistake, and the worste part of it is that he can't reverse the transaction back or even get his money back, I think this person is new to crypto and must have ignorantly made this mistake.

@Virgil dijkCertainly he was not a newcomer in the crypto world. Wait for the next topic or update, I have an update for this `topic from Coingecko that what actually wrong behind this incident. 

[DApp 1]

On 6/15/2020 at 7:37 PM, Cammer said:

Wow! That's such a huge number to waste on a transaction fee!

I have read the topic, but I didn't know the exact reason of this. Can anyone explain?

Network fee is determine by the congestion in the blockchain network. Miners normally clears the transactions with higher network fee. That is to say that your transaction might be pending if you set minimal network fee .    

[Iriswolfgang 200]

17 hours ago, TimopheyKa said:

I have seen this news, its post in various communities, as well as groups related to cryptocurrency! This is really amazing, I really don't understand if it was some kind of joke? Or maybe just someone decided to make a turnover for the exchange? - the administration of the site? This is really amazing!

I did see it before and I can say that this transaction is so worse because the fees that he need to pay is so much large than other things and I hope that it will become great for him or he can recover that amount of money that he lost in that transactions 

[Whited35 15285]

Update ! 6-19-2020

Guys, The sender of $5 million Ethereum transaction fees has revealed itself.Currently Good Cycle has confirmed, it was hacked multiple times. @Virgil dijk you might also love this ! 

Here is news source for you:-https://www.theblockcrypto.com/linked/68593/the-sender-of-5-million-ethereum-transaction-fees-has-revealed-itself

[Honny143 13612]

I don't read this article but I don't think its bug are its happens mistakenly, because anyone not do small transaction and pay huge fees, in this transaction behind some think subspecies because this transaction confirm miners behind any relation means they do money laundering without giving any clue for experts.

[MegaImage 51]

That is crazy, I wonder if he got the money back.

 

Either way, when moving 2.6 mil dollars you should really be careful which one is the fee and which one is the ammont.

We should pay more attention.

[Brushless4500KV 4214]

I always thought it is bitcoin who decides how much other coins should worth but yesterday I was surprised to see the fast growth of ETH despite the slow rise of BTC. While ETH suddenly jumped to $314 from just $250, BTC only managed to break $9700 resistance level. Right now, ETH is the dominant coin in terms of volume but despite this, I still go for BTC because it is stronger in terms of recovery power and its value changes much easier than any other coin even if there is no special event or news announced to affect it.

[Whited35 15285]

On 7/26/2020 at 10:16 AM, ndadukun12 said:

Wow this is really bad. I think that the money should be refunded as this is clearly a mistakes. The person needs his money who knows whether it's his long time hard earned money.

Please this update. Actually it was due to attackers who attempted to migrate funds by hacking a platform. Maybe mining pool has already refunded that excessive transaction fee. 

[Captain Karim 0]

Oh no, I cannot put myself in the place of the sender who made this mistake, this is a great misfortune and it is difficult to bear, I see that the problem could have been avoided if the gas fees were set in the Ethereum network in a specific field, in this way even if someone paid more, it would not Get damaged.

[gaby89 110]

That price would be very unfeasible and expensive to move ethereum, that's why in my particular case I don't use it because I don't handle large amounts of money in cryptocurrencies, so I use the ones that merit less fee to move them

[its.cryptologic 163]

Honestly... some people shouldn't be in control of their own funds, especially if they're that careless. That's a yikes from me.

[Shaza Ahmad 1682]

It seems that his luck is bad, there must be a way to compensate him, this is not fair, or there must be a method that determines the highest fees that can be paid to miners on the Ethereum network, as that will solve such problems that have occurred several times recently.

[Digital 387]

On 6/12/2020 at 6:25 AM, 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

Honestly, this is a sad story I will never hope this should even happens to my enemy talkess of my self I suggest the crypto expert and developers should create a system or software that can curb this kinds of problem to avoid further occurrence.