A mistake that costs a lot… An Ethereum (ETH) user made a mistake during a cryptocurrency transfer. He paid a fee of $89,000 to transfer $2,200 in ETH. What happened?
Ethereum User Makes Huge Mistake on Transaction Fees
When making a transfer on Ethereum, it is possible to change the transaction fees you want to pay. As a result, errors sometimes occur. This is the case of an anonymous user, who paid staggering transaction fees for a single transaction.
As reported by analyst DeFiac on X, this Monday, August 12, an anonymous person thus made a transaction of $2,200 worth of ETH… paying fees of over $89,000 :
Someone just burned ~$90k on tx fee for a simple eth transfer. pic.twitter.com/R9beCnNZv1
— DeFiac (@TheDEFIac) August 11, 2024
💡 To avoid making the same mistake – What is gas on Ethereum?
This error often occursWhen the person making the transfer confuses the “fees” box with the amount to be sent box. This can also happen if she confuses the amounts expressed in ETH and the fees which are expressed in gwei.
A deliberate mistake to launder money?
It is unclear what led the anonymous user to pay such exorbitant transaction fees, but he's probably kicking himself… Unless it's not a mistake.
It is indeed possible to “launder” cryptocurrencies using this mechanism.. The maneuver is however complex. It requires knowing which validator will record the transaction, as well as the block in which it will be registered. This makes it possible to recover “clean” ETH since they come from the Ethereum validation system.
👉 Also in the news – Spot Ethereum ETFs have been outperforming spot Bitcoin ETFs for a week
We will probably never know whether the mistake was intentional or not, but this once again shows the need to be particularly careful when making transfers in ETH or cryptocurrencies in general.. It is always advisable to verify both the amounts involved and the destination address to avoid losing funds.
Source: DefiAC via X
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A journalist at Cryptoast since 2017, I am passionate about the issues of decentralization, privacy and regulation. I specialize in traditional economics and finance, analyzing how news from this sector influences the cryptocurrency sector, offering a unique and informed perspective to Cryptoast readers.
Marine Debelloir
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